Overall, the growing threats of Japanese Deputy Finance Minister intervention in the forex market fell on deaf ears, and the signs that the Bank of Japan may raise its notorious yield ceiling next month had little effect either.
However, the possibility of a BoJ action next month is becoming increasingly realistic as core inflation has topped 4%, and markets seem to be sleeping on this risk given the slow decline in Japanese yields. Even stranger, the Euro was very strong in June, despite signs that the Eurozone economy is losing steam at an uncomfortable pace. The European Central Bank raising interest rates and sending more telegraphic money has certainly helped boost the single European currency, but in the end, capital is not flowing into ailing economies.
As stock markets continued to rally strongly led by technology stocks and implied volatility collapsed, an aura of heightened risk spilled over into the FX market, keeping the US dollar under pressure but benefiting from risk-sensitive currencies such as the pound sterling.The general trend of the USD/JPY currency pair is still bullish.I still prefer selling the currency pair from those peaks and higher than them instead of taking the risk of buying.
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