Yen under heavy pressure, USD/JPY highest levels since June 24th - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair advanced up to 104.98, its highest since June 24th.

Key Quotes:

"Rallying for a second consecutive day as BOJ Governor Kuroda and Prime Minster Abe are encouraging speculation that the Central Bank is ready to launch a more aggressive form of easing in the nearest term, after the weekend elections' result.

Further pressuring the Japanese currency were stocks, steadily advancing all around the world and with US indexes reaching all-time highs.

The pair added over 400 pips during the last two days, resulting in short term technical readings now standing in extreme overbought territory."