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| USD/JPY four-hour chart, source:FXDD.com |
cf. [JPY] Bullish Yen 2021 0122
Gjallarhorn keeps the long position of euro futures.
The currency pair USD/JPY rose breaking through the downward trend line in the week. It was anticipated the pair would drop around the trend line and keep the downward trend.
Because the currency pair has formed the bearish trend line in the main downward trend line since the pandemic.
It rose hard on Friday, and it seems that the pair holds the bullish momentum in the next week, too. The correction could be permitted to 104.45. The USD/JPY which rose after the fluctuation in Bollinger Band in the four-hour chart was anticipated to face the resistance around 104.00, but it surged.
The yen, as the safe-haven asset, has used risen when the risk-averse sentiment is the dominant sentiment in the market. The equities in New York market sink and the risk-off was emphasized, but Japanese Yen dropped against the dollar on Friday.
Meanwhile IMF, the International Monetary Fund forecasted the 5.5 percent growth of the world economy in the year with the World Economic Outlook Report. It was adjusted 0.3 percent point up than the 5.2 percent of the expectation in last October. IMF anticipated the vaccine injection against COVID-19 would help the economy recovery.
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