It's certainly interesting times for market participants. Multiple, unprecedented phenomena have recently become reality.
Consider a few themes: negative or near-zero interest rates; sub-zero oil prices; the worst global pandemic in more than a century; and because of lockdowns and massive unemployment associated with the coronavirus pandemic, US debt so ponderous it's difficult to see how it will ever be paid off.
No surprise then that many countries may wish to shift away from the current global reserve currency standard, the US dollar.
Indeed, the Dollar Index is down over 9% since its March high—which occurred at the same time that equities bottomed. However, it’s only 5% lower versus the Japanese yen over the same period. That's less than half its decline against the euro.
Though the common currency is primed for a pullback, this could be when the yen puts in additional gains vs the USD.
USD/JPY Daily