Get the ForexTrading Forecast using fundamentals, sentiment, and technical positions analyses for major Forex pairs for the week of January 17, 2021 here.
As the new calendar year has gotten underway, markets are souring compared to December’s broad bullishness on stocks and other risky assets. Last week saw most global stock markets fall,as a currency and not as part of a class of currencies, which is significant.
Stock markets are mostly lower, and the Japanese yen has been one of the major gainers of the week. This is a typically bearish combination for the stock market The omicron coronavirus variant continues to spread extremely very quickly, sending new cases soaring to record highs. However, it appears the risk of severe disease is now considerably lower due to the nature of the variant and widespread vaccination, so it seems to not be hurting risk sentiment much although it has triggered new restrictions in many countries, especially in Europe.likely to be long of the USD/JPY currency pair following a daily close above 116.
. This means that despite the massive spread of contagion, market sentiment is not really being affected as economies seem to be able to continue functioning without large scale disruption.. Several European countries and Canada have imposed restrictions on movement and new cases are reaching all-time records by far, with well over three million new confirmed cases currently being reported globally every day.
. Although it is clear there is a short-term bearish trend in the US dollar, the weekly candlestick has a long lower wick rejecting the support level at 12117, although it convincingly broke below the higher former support level at 12150. While this decline is not enough to invalidate the long-term trend ,Overall, it seems clear we have a mixed picture in the USD
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