Yen Bears Cautious Amid Intervention Fears, Iran Deal Weighs on USD
The Japanese yen remains under pressure but bears are turning cautious as intervention fears grow. The USD is undermined by the Iran nuclear deal, keeping USD/JPY steady above mid-160.00s.
USDJPY
USD/JPY held steady above the mid-160.00s during Thursday's Asian session, consolidating gains that pushed it to the highest level since July over the past four trading days.
Traders are turning cautious on yen shorts amid rising intervention fears, while the Iran nuclear deal is seen as a headwind for the US dollar. The combination has kept the pair range-bound for now.
Source: FXStreet Forex News