Technically the pair is currently testing the level of 112.00, after it is another support in the area of 111.70/50, and after it - 110.00. However, weakening of the dollar will not be enough for a stable yen growth. We need confident support from the Bank of Japan which will have a meeting on this Thursday, July 20.
Today the Reserve Bank of Australia published an optimistic record of its last meeting. The regulator mentioned the improvement of economic conditions and in particular the improvement of the state on the labor market, where unemployment fell to the four-year lows at 5.5%. Now the pair is consolidating in the upper part of the range 0.79-78, while its dynamics for the next sessions will be determined by the moods on the US dollar.
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