The surplus of dollar liquidity in the financial system signals that this currency pair will test the minimum of the current month, which is located at 108.33. Will the bears be able to push prices even lower? It is possible, but with low probability, inasmuch as the continuation of the uptrend in global equity markets will have a negative influence on the value of the Japanese yen as a funding currency.

On the eve, many stock indices in Europe have renewed their historic maximums, and now it is up to North America. Inasmuch as the Treasury Department and the Federal Reserve increase the surplus of dollar liquidity on Thursday and Friday, the stock markets will receive good support to end the week on a positive note again.

Trading recommendation: Sell 108.90/109.15 and take profit 108.35.