Yen Lingers Near One-Month Low on USD/JPY Despite Strong PPI
USD/JPY consolidates in Asian session after Japan's stronger-than-expected Producer Price Index, but geopolitical tensions in the Middle East keep the Yen under pressure near a one-month low.
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The Japanese Yen held near a one-month low against the US dollar during Asian trading on Wednesday. The USD/JPY pair entered a bullish consolidation phase, showing little movement despite Japan reporting a stronger-than-expected Producer Price Index (PPI).
However, the Yen's upside was capped by ongoing tensions in the Middle East, which boosted safe-haven demand for the greenback. Traders now await further catalysts to determine the pair's next direction.
Source: FXStreet Forex News