[JPY] Rising Yen 2020 0610

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

cf. [JPY] Risk-on, Falling Yen 2020 0603
cf. [JPY] Rising Yen 2020 0430

The currency pair USD/JPY retreats since last Friday evening(GMT). It moves steady on early Wednesday and it is expected that the pair plunges as Europe session begins. It means strong Yen and weak dollar. It may be restricted at 108.xx, the upper band of Bollinger Bands though it rises.

We could set 107.15 as a first support line. If the downward trend is strong, the pair could fall deeper to 106.07.

The recent downturn is due to weak greenback against major currencies. Market participants expect the easing policy will be confirmed at FOMC meeting scheduled on Wednesday. Federal Reserve is expected to keep dovish policy including Quantitative Easing and buying even junk bond at FOMC meeting.

The benchmark interest rate will be decided at FOMC meeting at 18:00(GMT), Wednesday. It is anticipated the rate will be frozen. Fed Chair Jerome Powell spoke the gloomy outlook of economy in May but he denied the possible negative benchmark interest rate, Federal Funds Rate.

Meanwhile Non-farm Payrolls in May recorded the 2.5 millions increase on last Friday. Market forecasted 7.75 millions decline but the better record supported greenback.

The key currency greenback will be kept downward trend. Then the risky currencies such as euro, sterling and aussie will rise. Japanese yen is the safe-haven asset, it seems to follow risky assets' route though.

Gjallarhorn keeps the long position of futures, euro-FX. It is liquidated in September.

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