Meanwhile, precious metals are going parabolic amid the dollar carnage.
The USDJPY pair broke below two major supports - 106.50 and 106.00. Previous lows were located here and as long as the greenback trades below these levels, the medium and short-term outlooks seem bearish.
The next target for bears could be near 105 and if this level is not held, the pair might drop another 100 pips more.
Traders are panic selling the greenback as it looks like more stimulus and money printing is coming since the COVID-19 situation in the US is only getting worse.