Yen drops as equity markets rally to post biggest weekly gains
The USD/JPY traded higher to touch 111.45 high as risk appetite firmed and as equity markets posted their biggest weekly gains. The USD/JPY supported its rally after Yellen commented that a US interest rate hike this summer is a big possibility. Breaking 111.55 might continue its upward movement toward 111.90 and 112.40 respectively.
However, further monetary easing by the bank of Japan (BOJ) and moderate fiscal policy will boost the yen. Breaking minor support 110.25 will create a lower leg to touch 109.90 and 109.60.
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