The Japanese Yen has been confined to narrow daily ranges against the US Dollar for the past ten days or so. A break, when it comes seems likely to be instructive. Fundamentally both currencies have been sought as haven assets in the face of coronavirus’ spread. The Dollar made strong mid-March gains but the Japanese Yen has fought back since and USD/JPY’s downtrend from February 20 remains very much in place. That said the pair has broken above a shorter-term downtrend from March 26 in the past week. {chart} The problem for Dollar bulls is that it has not done so very convincingly and daily trading ranges since have ... (full story)