No major events are expected today.

The Japanese yen (JPY) is rising against its American counterpart for the fourth consecutive day and reached a new weekly high during the Asian session on Friday. Yen buying continues despite weaker-than-expected Japanese GDP data for the first quarter, amid growing confidence that the Bank of Japan (BoJ) will raise interest rates again. In addition, trade talks between the U.S. and Japan appear to be progressing, with officials meeting regularly — another factor supporting the yen.

These factors overshadow the recent optimism triggered by fading fears of a global trade war, which had recently led investors to shift into riskier assets and away from traditional safe havens, including the yen. The U.S. dollar (USD), on the other hand, continues to struggle to attract buyers, as signs of easing inflation and weak consumer spending data reinforce expectations for further rate cuts by the Federal Reserve. This diverges sharply from the BoJ’s outlook and favors yen bulls.

Recommendation: SELL 144.70, SL 145.70, TP 142.70.