USD/JPY (current price: 102.15)
The Japanese Yen fell against all of its major counterparts yesterday, as the Japanese Current Account surplus was lower than expected, although final quarterly GDP reading came in better than expected at 0.2%. The safe haven currency still trades just below its multi-year highs, and the pair is also near its lows around the 98.50 level, despite the recent strength of the U.S. Dollar and yesterday’s rally. The BOJ and the FED might be in focus later on this month, as both central banks will decide on their monetary policies.
Our assessment: USD/JPY bounced back, off the 101 level, and it’s now back to the upper boundary of the declining trend channel, with the 200-day MA still being way above the current rate at 110.
