4.14 Technical Chart Analysis

※This article does not indicate or recommend buy/sell timing.

Please make your own investment decisions.

Following the United Kingdom's AstraZeneca, there have been case confirmations of thrombosis as a side effect in vaccinations with the U.S. J&J, and yesterday European time the U.S. authorities announced a temporary halt to the use of the J&J vaccine. This caused the dollar/yen to trend steadily in Tokyo morning, with the entire cross-yen pairs weakening.

As for the content, it has long been a concern, so while it cannot be said to be a surprise or fully priced in, there are many alternatives, and when looking calmly at the low incidence of side effects, the impact is relatively muted compared to the threat of the COVID-19 pandemic.

With vaccine distribution currently disrupted, and with options narrowed further, it was a topic that dampened the steady indicators.

The consumer price index released afterwards showed very high figures, indicating that inflation is progressing at a gradual pace.

The progress of vaccination contributed to the reopening of economic activity, leading to increased demand and, as a result, reflected shortages of some products.

The real economy is showing an uptrend, but vaccine supply suspensions remain a drag.

Nevertheless, stock prices have limited impact, and the VIX has not reacted, making it hard to say that risk-off is oriented.

With U.S. Treasuries being bought, long-term yields have fallen, leading to dollar selling, so other currencies are rising against the dollar.