06.07.2016 - ​Price of USD/JPY may correct tomorrow

Price of USD/JPY shows a steady decline since the beginning of this year and recently, the main reason for the strengthening of the yen against the US dollar has become the rise in demand for defensive assets. It should be noted that verbal intervention by the authorities were unable to stop the decline in prices, but in the case of a fall below 100.00, we expect the start of currency interventions, in spite of the negative attitude to such a move by the Fed and other major central banks. Tomorrow, the head of the Bank of Japan Haruhiko Kuroda will deliver a speech that can cause prices to rebound to 101,40-103,50 after recent decline.

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