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News / Other data

* The dollar slipped on Thursday with investors on edge at the end of the year as initial optimism over China's reopening fizzled out and as markets processed a readout of U.S. jobless claims. Markets are weighing the impact of China's rapid loosening of its strict COVID-19 rules with a surge in new infections.

* The U.S. dollar edged slightly lower on Thursday in reduced European trading, as the U.S. and Italy joined a list of countries to require COVID-19 testing by incoming travelers from China ? 2022 saw the EUR/USD pair return below parity, with a low of 0.9535 on September 28, not only the low for the year but also the lowest mark since June 2002, more than 20 years ago. Between the beginning of the year, when the euro was worth around $1.135, and the low in late October, this year's bearish move ultimately amounted to over 1800 basis points.

* The U.S. dollar traded largely unchanged in limited European trade Wednesday, but posted gains against the Japanese yen after latest minutes from the Bank of Japan suggested its accommodative monetary stance is likely to remain in place.

* The Russian rouble strengthened sharply in a volatile session on Monday, recovering some ground after its largest weekly slump since early July on fears over the impact of oil and gas sanctions on Russia's export revenue.

* The dollar slid against most currencies in choppy, thin trading on Friday as data signaled that the U.S. economy is cooling a bit, reinforcing expectations of smaller interest rate increases from the Federal Reserve and improving investors' risk appetite.

Data inference

* No Major Event.

Chart for the day

JPYINR (DAILY) - 62.23

Observation

* On looking at Daily chart of JPYINR, Prices are in clear uptrend while making higher high, higher low formation, Illustrating Bullish undertone of the prices.

* Prices had witnessed a breakout of Cup & Handle pattern in the prior week, while in the latest trading session have sustained above Dragonfly Doji indicating continuation of prior uptrend.

* The up move was supported from the Gap level which is in sync with the variable support,10 Days EMA.

* RSI on the Daily timeframe is rising and have sustained above 50 mark, reflecting bullish momentum in the prices to continue another up move.

Inference

* Buy above 62.45 Target 63.50 Stoploss 62

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