COVID-19 is the key, better beat Covid-19 than playing the Olympics
Bad data, possibility of canceling Olympics pushing USD/JPY higher. Can it continue into fiscal year-end?
The news was not good for Japan this week. First, Japan extended its state of emergency due to the coronavirus to 5 more Prefectures. In addition, the Bank of Japan downgraded their forecast for near-term growth. Inflation and PMI data released today were both horrific. There is even talk that the Tokyo Olympics this summer will be outright canceled, not just postponed. The negative news is weakening the Yen vs the US Dollar. Can this move continue? USD/JPY On a weekly timeframe, USD/JPY put in a high of 125.68 in June of 2015 and has been trending lower since. The downward sloping trendline off that high comes in ... (full story)