USD/JPY Hovers Near 158.00 as Intervention Threat Caps Yen Selling
The Japanese yen weakened modestly in Asian trading, with USD/JPY trading near its 200-day moving average around 158.00, as the threat of further joint intervention limits selling pressure on the currency.
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MUFG’s Lee Hardman noted that the Japanese yen experienced a modest decline during the Asian session, leaving USD/JPY hovering around its 200-day moving average near the 158.00 level. The move follows recent joint intervention by Japan and other authorities.
Despite the yen’s softness, the persistent threat of additional coordinated intervention is capping further selling, keeping the pair from breaking above key technical resistance.
Source: FXStreet Forex News