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| USD/JPY four-hour chart, source:FXDD.com |
Gjallarhorn keeps the long position of EUR at the CME. The positions are under the loss. It doesn't have any position of JPY, yet.
The currency pair USD/JPY lowered its peaks since July but it is confirmed that the price is supported around 109.35~40.
The currency pair failed to exceed 20 Moving Average in the four-hour chart Friday. It implies the bearish trend in the short term, the daily chart and the one-hour chart signals the bullish though. It is anticipated a mild bullish after the correction.
The pair is under the downward trend line. It doesn't seem to break through the trend line at once, there will be the attempt to exceed it though.
The risk-averse sentiment raised the dollar, and the dollar rose against the Japanese Yen, too.
The Fed's shift to the hawkish stance has supported the dollar's rally, and the concern of the inflation made the investors worry.
The US Core PCE Price Index (MoM) in June increased 0.4 percent, which was 0.5 percent in the previous release and the market expected 0.6% increase. It also increased 3.5 percent year-over-year, it recorded high in thirty years. But it was lower than the market's expectation, 3.7 percent. It is reported the Fed values the Core PCE Price Index.
James Bullard, President of the Federal Reserve Bank of St. Louis showed his hawkish again, and it helped the greenback's gain. He said, the inflation reached to Fed's expectation and the tapering should be begun in this fall and completed by the 1st quarter in the next year. He expected the more GDP growth in the 2nd half.
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