Concept:
Use inequality transformation.
Step 1: Square both sides
\[
\left(x + \frac{1}{x}\right)^2 > 4
\]
\[
x^2 + \frac{1}{x^2} + 2 > 4
\Rightarrow x^2 + \frac{1}{x^2} > 2
\]
Step 2: Always true except special points
Equality holds when $x = \pm1$
Also $x \neq 0$
Final Conclusion:
\[
\mathbb{R} - \{-1,0,1\}
\]
Option (E)