Experts Say US-Japan Yen Intervention Short-Lived; GBP/JPY Recovers
Analysts say coordinated US-Japan action to prop up the yen will likely be fleeting, while the pound rebounds against the yen to trade near 212.25.
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Currency market watchers believe the recent US-Japan intervention aimed at boosting the Japanese yen will have only a temporary effect. Experts see the supportive impact fading quickly, leaving the yen vulnerable to renewed weakness.
In the European session, the British pound clawed back its early losses against the yen and edged higher, trading near the 212.25 level. The move underscores broad pressure on the Japanese currency despite official efforts to stabilise it.
Source: FXStreet Forex News