[JPY] Bullish Yen 2021 0122

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

Gjallarhorn holds the long position of euro futures.

The currency pair USD/JPY holds its bearish trend, and it is still valid to keep the downward bias to the pair. The pair has lowered its peaks since 1998. There are bullish trend and bearish trend, the main trend has been downward though.

Since the pandemic, the currency pair has formed the downward trend line in the main bearish trend line.

The USD/JPY rises after the fluctuation in Bollinger Band in the four-hour chart. It is anticipated the pair faces the resistance around 104.00 and it could be a good deal to sell the currency pair at the resistance line.

It supports the short bias of US dollar against yen, and strong yen and weak dollar.

Bank of Japan released its menetary policy on Thursday and it wasn’t effective to the market. BoJ kept the policy.

The market participants watch the U.S. T-bond yield which has gone sideways around 1.1 percent. Due to the expected extension of the fiscal spending in Biden's government, the rising yield of T-bond supports the strong greenback. Most analysts expect the weak dollar as did in last year. Because Fed keeps the easing monetary policy and it is expected that the global economy will rebound after the pandemic diminishes by the vaccine.

The Japanese Yen is evaluate as the risk-averse asset than the dollar. The recovery of the global economy may lower yen, too. The traders need to watch the chart carefully.

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Gjallahorn does not provide any signals, but tries for traders to get the insight into the market.

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