[JPY] Dollar in the Correction 2021 0220

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

cf. [JPY] Rising Yen, Falling Dollar 2021 0211

cf. [JPY] Sank Yen 2021 01230

cf. [JPY] Bullish Yen 2021 0122

Gjallarhorn keeps the long position of euro futures.

The currency pair USD/JPY retreated from 106.21 to 105.40 since Wednesday. It means that the safe-haven Japanese Yen has risen against the dollar. The dollar tried to rebound but failed leaving the doji candles in the four-hour chart.

It seems the pair to step down in the next week, but it may rebound at 105.03x on the upward trend line or 104.9x on 120 exponential moving average.

The recovery of the risk-on sentiment devalued the greenback. The slow recovery in the employment market affected to the dollar, too.

The safe-have Japanese Yen rose against the greenback though the risk-on sentiment.

The Flash Manufacturing PMI in Japan hit 50.6 better than expectation 50.0 and previous 49.8. It hinted the recovery of Japanese economy but it didnd't supported Japanese Yen. The inflation and domestic recovery remained weak.

The Bank of Japan has signaled that it will continue buying ETF’s as needed and has no intention of selling any. That pushed the Nikkei through 30,000 and should continue next week depending on developments on Wall Street.

Craig Erlam, Senior Market Analyst at OANDA reported, rising yields made investors nervous and the Fed Chair might put their minds at ease.

The U.S. Treasury Secretary, Janet Yellen supported the risk-on sentiment emphasizing the massive fiscal stimulus package. 

The ruling Democratic will pass the bill of 1.9 trillion dollar package in the next week reportedly.

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