The
yen fell against the basket of major
currencies as a result of the intention of the
Japanese government to
intervene in the foreign exchange market in case the yen strengthen.
During the Asian session today the US dollar managed to advance to the
level at 108,885 after previously had reached its lowest point for the past 18
months, falling to 105,546.
This happened as a consequence of BoJ’s decision to keep the monetary
policy unchanged which was posted at the last
meeting
of the bank at the end of April.
Now, however, the comments of Japan’s finance minister Taro Aso weakened
the yen,
which in turn contributed to strengthening of USD/JPY. Currently the pair is
trading at 109.10, as earlier peaked at 109.28. If the resistance at 109.30
could be conquered, the pair might push higher to 109.70.
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