Yesterday we have seen a relief rally both in stocks and other riskier assets as the tensions in Ukraine have eased at least momentarily. However is still far from settled and so everybody remains cautious. The Asian session maintained the US closing picture as Nikkei is up 1.5% and USDJPY keeps yesterday’s gains with no pressure. Today the day is full of PMI data and the Bank of Canada decision rate. However none of these will mater much as on Thursday we will have the all-important ECB meeting and on Friday the US jobs report. So we don’t expect much volatility today as traders will trim the positions ahead of those two risk events.
USDJPY 4H Chart:
The pair has been trading higher since yesterday however it still remains within the range and only a break above 102.75 could shift real focus to the upside. Also it’s not just technical but also strategic risk-on/off trading these days for this pair.
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