The safe-haven yen traded on the front foot as risk aversion weighs on sentiment as the pair surges southward. The resurgence of Coronavirus concerns around the world, especially the sudden appearance of a deadlier variant tagged Omicron in Southern part of Africa has weakened investment appetite for riskier assets. This risk aversion has favoured ''riskless'' currencies, such as the Yen and the Swissy.
The rejection around the 127.4 support level leading to the formation of a hammer on the hourly timeframe favours the bulls on the pair, with a target at 128.705 and stop loss at 127.073.
No major economic data with a bearing on the pair.
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