Rally in risk assets come at the expense of a safer Japanese yen. Though the BoJ would sit on its hands and find no issue in a weaker currency as global trade makes a comeback.
The US dollar has so far found support above the previous lows around 108.30. The RSI has dropped back into neutral territory from an overbought situation, which may prompt more buyers to get in the game.
A breakout above the horizontal range (109.30) could extend the rally to last June’s high at 109.80.
