 Hello, welcome to this week's CMC Markets currency snapshot. We're going to be looking at the Japanese yen, more specifically, the dolly yen currency pair. Now, we've just had the Federal Reserve minutes. They were a bit more dovish than expected. The dollar has dropped. It looks like Japanese monetary policies run its course. And so we're seeing dolly yen dropping pretty sharply. And we want to see, in this video, looking at the charts whether this move is sustainable. Now, the more avid snapshot viewers may remember that back in February, the beginning of February, we had a video titled, 116 is a massive level for dolly yen. Now, what we'd seen there is a move off the 116 level back and retouched an old trend line. We're about 117.50 when we did the video. As we currently stand, we've just hit 108 today. So, obviously, a fairly hefty drop. We've seen one big figure drop in dolly yen. And so this is really two-fold. It's that Japanese monetary policy doesn't seem like it can go any further. The Bank of Japan cut rates into the negative rather than doing any more QE, perhaps suggesting they don't have much more capacity to do more quantitative easing. And the Federal Reserve of road back on the number of rate hikes are going to do this year. Many are thinking maybe they don't even do any. And so that divergence of monetary policy is converging. And so we're seeing the dolly yen collapse. In that video, we suggested that maybe if 116 gave way because of the steepness of the ascent, that actually the descent following that break would be quite sharp. And that is actually what we're seeing. We've seen 110 come and go pretty quickly since breaking 116. We're down at 108. And I think probably now that that 110 has given way, the market is going to have 105 in their targets. And the Bank of Japan just yesterday referenced being able to tolerate the exchange rate volatility down to 100. So it could actually be that the markets push dolly yen all the way down to 100 before we start getting some real risk of intervention from the Bank of Japan. Now, if we just have a look at the daily candlestick chart for dolly yen, you can see the previous trend line break and retest. You can see the 116-level giving way, the 110-level giving way. And it looks like the next major area of potential support. Here's 105 where that previous peak was. And it's obviously a round figure as well that the markets may begin to target. So somewhere in before that 105 could see a bit more hefty support. But for the time being, this is a fairly steep descent. And there may be fairly minimal pullbacks to the upside until we get to into that 105-type zone before we see maybe a bit of a bigger bounce. But again, 100 seems like it could well be on the cards now. OK, that's it for this week, CMC Markets currency snapshot. We're looking at dolly yen, obviously. The divergence in policy between the Federal Reserve and the Bank of Japan. That seems to be converging now. And we've seen a sharp move down in the dolly yen. But chances are this trend can continue. We need to keep an eye on how these central bankers speak and then run up to their next meetings. We also need to keep an eye on the 110 that was just broken, as well as 105 to the downside.