USD/JPY Back Above 162.00 on Higher Energy Prices – MUFG
MUFG analyst Lee Hardman reports the Japanese yen has weakened again, pushing USD/JPY above 162.00 as higher energy prices and fading impact from last week's verbal intervention weigh on the currency.
MUFG's Lee Hardman notes that the Japanese yen has come under renewed pressure, with USD/JPY climbing back above the 162.00 level. The move is attributed to rising energy prices, which increase Japan's import costs and hurt the trade balance, along with the fading effect of last week's verbal intervention by Japanese authorities.
The analyst warns that unless energy costs decline or official intervention resumes, the yen may remain under selling pressure. The pair's upward momentum suggests traders are dismissing earlier jawboning as temporary.
Source: FXStreet Forex News