 |
| USD/JPY four-hour chart, source:FXDD.com |
cf. [JPY] Stable Yen 2020 0910
There is a downward trend line in the daily chart of currency pair USD/JPY since late February. It supports the short bias of US dollar against yen.
And the pair succeeded in rebounding on Monday. Before facing the resistance line by the daily chart, it seems to rise in the short term. There is about one big margin. It means the weak yen and risk-on sentiment.
The greenback was down on early Tuesday due to the risk-on sentiment in Asian session. And risk-off asset yen retreats, too. It fell against major currencies including the US dollar.
The Dollar Index tracking the greenback against major currency basket succeeded in rebounding though the risk-on.
The market's expectation of more monetary easing measures from the Federal Reserve lowers the safety asset such as dollar and yen. Yen is more safe than dollar and the yen retreats more than the greenback.
The hopeful COVID-19 vaccines by Pfizer and Moderna for distribution stimulate the markets, though rising virus cases.
Dallas Fed President Robert Kaplan said on Monday that difficult months lie ahead. "We're bracing ourselves here," he said, adding that the central bank is open-minded about shifting or even expanding its bond buying program.
The President-elect Joe Biden appointed Janet Yellen, the former Fed Chair as the Threasury Secretary.
And U.S. FOMC meeting is held on December 17. The market participants expect the more market-friendly policy of FOMC but lower their expectation of the US fiscal stimulus in the year.
Meanwhile Gjallarhorn liquidated the long positions of euro-futures in CME, Chicago Mercantile Exchange.
---------------------------
Gjallahorn does not provide any signals, but tries for traders to get the insight into the market.
You can ask by messenger and e-mail.
Facebook messenger and telegram(@morgenluft)
e-mail - kmuk001@gmail.com
You can join telegram channel t.me/gjallarhorn_report .
If this report was helpful to you, please support it. The amount of your support is up to you.
PayPal kmuk001@gmail.com.
Thank you.
e-mail - kmuk001@gmail.com
Telegram - @morgenluft
Telegram broadcasting - t.me/gjallarhorn_report
https://www.facebook.com/Gjallarhorn.report/
http://morgenluft.blogspot.com
#Gjallarhorn, #JPY, #yen, #USDJPY
No comments:
Post a Comment