Despite the US Dollars increase to a new 3-year peak at 115.51 last Wednesday, a following selloff to 113.00 Monday and an intra-day break below there on active safe-haven buying in JPY due to renewed Covid-19 new variant worries suggests MT uptrend has made a temporary top there and consolidation with downside bias remains for weakness to 112.60/70, however, oversold condition would keep price above 113.00.
On the upside, only above 115.03 would indicate aforesaid pullback has ended instead and risk stronger gain to 115.51 again.
Today, the US will release a series of economic data, with the most impactful the Unemployment Claims. Investors will be also closely watching tomorrows US Non-Farm Payrolls. We expect the pair to continue the bearish momentum.
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