Yen Struggles as USD/JPY Rebounds Toward 159.25
The Japanese yen failed to hold early gains against a softer dollar, with USD/JPY recovering to around 159.25 despite rising Japanese bond yields and Bank of Japan hike bets.
USD/JPY came under selling pressure earlier in Monday’s session but later rebounded, trading near 159.25 after recovering from an intraday low. The move came as the Japanese yen struggled to gain traction despite a weaker US dollar.
The yen’s softness persisted even as Japanese bond yields rose and markets priced in the possibility of further Bank of Japan rate hikes. Those factors typically support the yen, but failed to do so during the session.
For USD/JPY, the recovery leaves the pair near the 159.25 area, with the intraday rebound highlighting ongoing yen underperformance in the foreign exchange market.
Source: FXStreet Forex News