USDJPY rises on board yen weakness.
USDJPY currency pair under the strong bullish pressure today as the markets are moving out of the safe haven assets like the yen and the Swiss franc under the continuous stream of the positive news about the Covid epidemic dynamics in the developed countries. One of these – U.S. Food and Drug Administration (FDA) said in documents published on Wednesday Johnson & Johnson’s one-shot COVID-19 vaccine appeared safe and effective in trials -opening the way for its approval for emergency use. The latest initiative by Germany, Austria and UK to hand out the free covid-19 tests for home use is seen as the early signal the major European economies are preparing for the widespread lifting of restrictions- adding to the bearish yen sentiment as the safe haven outlet.
Expect buyers on downward corrections.
Next resistance to watch – 106.20
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