USD/JPY: downside favoured both short and longer term – FXStreet

By FXStreet Valeria Bednarik, chief analyst at FXStreet noted that the Japanese yen extended its advance to a fresh multi-month high against its American rival, with the USD/JPY bouncing from 107.62.

Key Quotes:

“…USD/JPY bouncing from 107.62 after BOJ’s Governor Kuroda said that the Central Bank is monitoring exchange levels, and that they will add further stimulus without hesitation if needed.”

“The intraday recovery in the pair reached 108.43 in the American afternoon, but it retreated back below the 108.00 figure. Overall, the downside remains favored, both short and long term, given broad dollar’s weakness and limited expectations of a US rate hike.”
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Source:: FX Street