USD/JPY Drops Nearly 1% in Asian Session as Yen Extends Gains
The Japanese yen continued to strengthen against the U.S. dollar, pushing USD/JPY down by almost 1% during Monday’s Asian session before the pair trimmed some losses.
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The USD/JPY pair fell sharply during the Asian trading hours, sliding almost 1% as the yen built on its strengthening move from the start of the week. The drop extended the downward momentum before the pair pared a portion of the decline later in the session.
While broader market sentiment was described as remaining positive, the yen’s strength was the dominant theme, dragging the pair lower. No specific catalyst was mentioned in the original note.
Source: FXStreet Forex News