USD/JPY extends fall towards 142 as currency war sees dollar hammered

According to some reports part of the Trump plan for his country when it comes to tackling its ballooning trade imbalance is to allow the dollar to weaken. Now that has not been officially confirmed by anyone let alone the President himself for obvious reasons- because they can ill afford a really massive run on the currency. Well, I am afraid to tell you that is in the throws of happening right now. Since the last update the EUR/USD has taken another step closer to the 1.15 handle and it may not be finished with yet. At the same time, the break below 144 seen during the Asian session has extended close to the 142 handle not long ago. That is the lowest levels seen this year and the threat of a potential break below 140 is looming ever larger. The low seen so far has been set at 142.05. The dollar is right now at 142.40