The yen extends its bullish run against the American dollar for the fifth straight session as the JPY bulls continue to cheer comments from a number of Japanese officials and fx experts, noting that fx market intervention in a bid to stem the yen’s appreciation looks unlikely at the moment.. At the time of writing, USD/JPY hit fresh eighteen-month lows at 108.77, down -0.88% on the day.
The latest spurt of selling seen in the USD/JPY pair can be justified by a sudden downward rally in the US dollar against its major peers, knocking-off US dollar index to fresh six-month lows at 94.19, losing -0.30% so far this session. The greenback came under renewed selling pressure as the European traders hit their desks and give up the USD, reacting to the more dovish FOMC minutes released last US session.
Focus Main Event’s.
The major will continue to track the broader market sentiment, while US jobless claims will be watched for fresh cues on the buck ahead of Friday’s Yellen’s speech in the Asian morning.