158.304
Today
+0.09%
5 Days
-0.71%
1 Month
-2.54%
6 Months
+2.15%
Year to Date
+1.01%
1 Year
+7.19%
Opening Price
158.089Previous Closing Price
158.142United Overseas Bank’s Quek Ser Leang and Lee Sue Ann highlight that USD/JPY dropped sharply to around 158.00, eroding the previous upside bias.
The Japanese Yen (JPY) is down against its major currency peers on Thursday, with USD/JPY trading 0.22% higher at around 158.50 during the European trading session. The Japanese currency underperforms as the Trade Deficit widens due to elevated energy prices.
USD/JPY appreciates after registering modest losses in the previous day, trading around 158.50 during the Asian hours on Thursday.
USD/JPY closed Wednesday 0.92% lower just above 158.00, the largest single-session decline since the early-August intervention, and Tokyo did not lift a finger for it.
The Japanese Yen (JPY) extends its intraday gains on Wednesday as the US Dollar (USD) comes under fresh selling pressure following a sharp decline in longer-term US Treasury yields. At the time of writing, USD/JPY trades around 158.47, its lowest level in more than a week.
• Narrowing US-Japan sovereign yield differentials drove the recent USDJPY pullback. • Stronger Japanese economic data reinforced expectations for monetary policy normalization. • Global risk aversion increased safe-haven capital flows into the Japanese currency.
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The downside prevails as long as 159.29 is resistance, with 157.81 and 157.61 as targets
above 159.29, look for 159.62 and 159.82.
The downside prevails as long as 159.29 is resistance, with 157.81 and 157.61 as targets
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