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| USD/JPY four-hour chart, source:FXDD.com |
cf. [JPY] Rising Yen 2020 0430
The pair of safe-haven currencies, USD/JPY rose after the long steady sidling in the horizontal channel on Tuesday. It sidled since March. The price of the currency pair reached the upper band of Bollinger Bands and rose along the band.
It retreats as Asian session has begun. But it recorded the long positive candle and it is expected the price to rise. Rising price means strong dollar and weak yen.
The currency pair has reached 20 Moving Average in the weekly chart and it gives the clue of supporting of price-rising, greenback upward.
We need to be informed that the pair has moved in the directionless channel though the pair rises to upper Bollinger Bands. The both of currencies, dollar and yen are the safe-haven asset, and currencies value move together, Gjallarhorn thinks. And we need to watch the chart carefully searching the signals in the chart.
Meanwhile, Dollar Index, showing dollar's value for the basket of major six currencies fell 0.11 percent to 97.70, recording low since mid-March.
The optimism for the global economy recovery made the investors buy risky assets though Sino-American tension. And Japanese Yen retreated.
Fed Chair Jerome Powell showed his negative economy growth and denied the possible negative benchmark interest rate last month.
The expectation of the global-economy recovery, the recovery package of Euro Zone and the vaccine against Coronavirus has supported the risky assets such as euro.
There are regular big events in the week. G7 meeting is held today, and ADP Non-farm Payrolls is released, too. European Central Bank releases Main Refinancing Rate on Thursday. Non-farm Payrolls is issued on Friday.
Gjallarhorn keeps the long position of futures, euro-FX. It is liquidated in September.
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