TODAY USDJPY UPDATE :USDJPY retreats from over one-week high, slides back below 145.00 mark.



USD/JPY retreats from over one-week high, slides back below 145.00 mark

  • A combination of factors fails to assist USD/JPY to capitalize on early gains to over a one-week top.
  • Fears of intervention by the Japanese government extend support to the JPY and caps the pair.
  • A softer tone around the US bond yields undermines the USD and attracts sellers at higher levels.

TODAY USDJPY UPDATE :The USDJPY pair trims a part of its modest intraday gains to over a one-week high and quickly retreats to sub-145.00 levels during the early European session.

Japan’s finance minister Shunichi Suzuki said on Monday that the government stands ready to intervene in currency markets to prevent deeper losses in the domestic currency. This, along with the prevalent cautious market mood, offers some support to the safe-haven Japanese yen and caps the upside for the USD/JPY pair.

TODAY USDJPY UPDATE :Bearish traders further take cues from a softer tone surrounding the US Treasury bond yields, which fails to assist the US dollar to capitalize on its early positive move. This further exerts some pressure on the USD/JPY pair, though a combination of factors should help limit any meaningful slide, at least for the time being.

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