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  • Risk-on leads the way after the US election was defined over the weekend.
  • Pfizer coronavirus vaccine shows more than 90% effectiveness, according to the company.
  • USD/JPY is firmly advancing towards the 105.00 on risk-on mood.

Financial markets kick-started the week with optimism amid some definitions coming from the US presidential election. The media called Joe Biden the winner, although current President Donald Trump won’t give up without legally battling the results.

The upbeat mood soared on reports that the Pfizer coronavirus vaccine has shown more than 90% effectiveness in preventing COVID-19, while no serious safety concerns have been observed.

USD/JPY, which traded as low as 103.18 at the beginning of the day, is now around 104.50, with no signs of giving up in its bullish momentum. The pair has completely erased oversold conditions in the short-term and has turned marginally bullish. Further gains will be likely if the current rally extends beyond the 104.70 price zone, eyeing then an advance beyond the 105.00 figure.