The JPY takes advantage of the weakness faced by the AUD

The Japanese yen takes advantage of the weakness faced by the Australian dollar. The safe-haven appeal of the Asian currency is helping it to come out triumphant in the trading sessions. Although it may not be enough to record strong gains, it’s still helping it to pull the pair’s price lower and lower. The pair should drop to its support level this latter half of June. The Japanese yen is still under the weight of the current recession faced by the country. But it’s also relying on the news about the continuous chaos around the globe. However, the more stimulus that the Japanese authorities unleash, the Japanese yen continues to weaken as the currency is already pressured by a ton of factors. Just recently, it was reported that the Bank of Japan is ramping up its coronavirus support package to more than a whopping $1 trillion. The Japanese central bank plans to have zero interest loans for domestic banks amidst the pandemic if they wish to increase their lending powers.