[JPY] Dollar's Rally against Yen 2020 0326

USD/JPY four-hour chart, source:FXDD.com

cf. [JPY] Falling Safe-Haven Asset Yen 2020 0320
cf. [JPY] Fear Easing and Yen Falling 2020 0205

Japanese Yen has been regarded the safety haven. While the fear of COVID-19 outbreak has increased, JPY, Japanese Yen surged against other currencies including dollar.

But as Federal Reserve begins super Quantitative Easing program, JPY falls and greenback rises.

The daily chart of currency pair USD/JPY shows the explicit V pattern, rapid price recovery pattern and keeps the price rising. The price of the currency pair has turned over the previous support line. The currency pair made Double-bottoms pattern, price-turning-to-rise pattern in the four-hour chart.

The price-rising of the pair means dollar rising.

The price of the currency pair fell on Thursday, it could be regarded the correction after the continuous rising, not trend turning.

It is still valid to hold long bias about the pair, dollar rising.

Japanese central bank, Bank of Japan has decided to increase Quantitative Easing and Japanese Prime Minister Shinzo Abe announced the postponement of the Olympic Games 2020 to next year.

The Abe and IOC's decision may carry the burden on yen.

And Federal Reserve cut the Federal Funds Rate one percent point to near zero percent and began the Quantitative Easing Program simultaneously.

It is reasonable just to watch the market without position. But if the deal should be gone on, Dollar Long position is valid till the medicine or vaccine against the respiratory virus are developed.

Gjallarhorn bought a long position of futures, euro fx 2020-06. Gjallarhorn guesses euro would recover in this year after dollar's rally last year.

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