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| USD/JPY four-hour chart, source:FXDD.com |
cf. [JPY] Rising Expected after Correction 2020 0126
cf. [USDX] Before Facing the Resistance 2020 0119
Safe-haven currency pair USD/JPY has fallen. The downward trend seems to be continued in short term but it may try to rebound on the upward support line about 108.2x.
The pair builds a trend-turning pattern gradually but it is expected to be failed. It means safe-haven Yen's value rises.
If the pair succeed to rise, it will reach 109.37, 120 exponential moving average in four-hour chart testing the surpass the 120 EMA as resistance line.
World wide fear from respiratory coronavirus makes investors' risk-off, buying dollar and more Japanese yen.
But yen doesn't surge as risky euro plunges against greenback. Currency pair EUR/USD fell 0.14 percent but USD/JPY just rose 0.03 percent on Wednesday.
The anxiety materials in the global economy has encouraged investors to buy yen as safety-haven asset. But this respiratory virus doesn't enough.
Japanese experts explain that the epidemic makes euro to plunge and falling euro restrains yen's rising. But yen may surge when the virus spreads more.
When virus fear is soothed, the risky assets will be gained and the price of yen down.
Meanwhile the Federal Reserve has left interest rates unchanged 1.50~1.75 percent on Wednesday as expected. Fed kept its stance.
Gjallarhorn keeps long position of Euro FX in CME. It is under the big loss.
Gjallarhorn produces the report of risky currencies with Long bias now because it has Long Position of EUR.
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