USD/JPY (current price: 100.24)
The Japanese Yen remains the strongest major currency, as the pair keeps on trading close to its Brexit lows near the 98.50 level. The pair trended lower all day long as the Dollar got weaker thanks to the rebound in global stocks, following a negative start. Today’s speech by BOJ governor Kuroda might change the short-term direction of the cross, but the long-term trend is still bearish. The Governor is expected to soften the recent hawkish position of the central bank.
Our assessment: USD/JPY is still in a strongly declining long-term trend, just above the crucial 100 level, with no meaningful rally in the pair despite the positive trends in global risk assets in recent weeks.
