- The appetite for risk returns to the markets after the US elections were defined over the weekend.
- Pfizer’s coronavirus vaccine shows greater than 90% effectiveness, according to the company.
- USD / JPY is moving steadily towards the 105.00 level on risk appetite.
Financial markets have started the week with optimism amid the definition coming from the US presidential elections. The media have declared Joe Biden the winner, although incumbent President Donald Trump won’t give up without a fight legally against the results.
The optimistic sentiment has exploded with the news that Pfizer’s coronavirus vaccine has been shown to be more than 90% effective in preventing COVID-19, while no serious safety problems have been observed.
The USD / JPY, which was trading as low as 103.18 at the start of the day, is now around 104.50, with no signs of giving up on its bullish momentum.. The pair has completely erased the oversold conditions in the short term and has turned slightly bullish. Additional gains are likely if the current move extends above the 104.70 price zone, pointing to a move towards the round 105.00 level.
USD / JPY technical levels
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Credits: Forex Street
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