Watch out for USD JPY this week as US dollar touches four-month high against Japanese yen

Trading | 8 months ago

Watch out for USD JPY this week as US dollar touches four-month high against Japanese yen - tradeglobalmarket

The US bond yields showed a positive gain as a result of economic recovery in United States. US bond yields rose to 1.33% from 1.2% last week. The dollar's index also jumped to top against a three-week low.

The U.S. dollar index (USDX) is a measure of the value of the U.S. dollar relative to the value of a basket of major currencies in the world which includes Euro, Japanese yen, the British pound, the Canadian dollar, the Swedish krona, and the Swiss franc. Investors are also optimistic due to the solid vaccine rollout which has resulted into the reopening of major economies worldwide.

As seen from this chart, USDJPY is trending upwards. One must look for buying opportunities in USDJPY. According to the figures released by the Japanese ministry of finance, exports to the United States fell by 4.8% and exports to the Europe fell by 10.3% in January 2021 while comparing with January 2020. At the time of writing the Japanese yen was down by 0.02% against US dollar. The Japanese yen is negatively correlated to US dollar. So, if US dollars gain values then the Japanese yen will lose its value.

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