The USD/JPY currency pair, which expresses the value of the U.S. dollar in terms of the Japanese yen, has traded in a generally non-volatile fashion since April 2020 (after the pair saw an extremely volatile Q1 2020). The daily candlestick chart below illustrates USD/JPY price action through 2020 (the vertical dotted line being the first trading day of the year).
(Chart created by the author using Trading View. The same applies to all other candlestick charts presented hereafter.)
Looking past the volatility, especially in Q1, we can see that the U.S. dollar