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| USD/JPY four-hour chart, source:FXDD.com |
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 after making two peaks when the week began. But the pair has been supported on the 120 Exponential Moving Average in the four-hour chart.
It has gone sideways and doesn't show any hint of rebound, yet. It seems to be under the pressure of falling more. The traders need to prepare the more correction of USD/JPY to 104.08.
Though its rally since late January, it is still valid to keep the bearish bias to the currency pair. It succeeded to exceed the 120 EMA in the daily chart, it need some trials of exceeding for the trend-turning though. One success of breaking-through the 120 EMA doesn't mean the resistance-line's being broken.
Gjallarhorn thinks it may retreat in the short term and the price of 104.00 may be tested as the support line.
One of the risk-off asset, Japanese Yen fluctuated being linked to the U.S. bonds yields.
The fiscal stimulus package supported by Joe Biden, the U.S. President seems to be passed without the correction due to the Blue Wave. The parliament of the representative and the senators passed the fast track for the package last week, 1.9 trillion-dollar stimulus is anticipated to raise the inflation. It may drop the greenback.
The market participants expect this package help the economy recovery and the bearish dollar. The inflation from the United States may raise the yen against the greenback though the yen is more safe-haven currency.
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