Yen Trims Gains Against Dollar After In-Line US CPI
USD/JPY recovered toward 159.20 as markets digested in-line US CPI data and the Japanese yen gave back earlier gains.
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The Japanese yen pared its advance against the US dollar on Wednesday after US CPI data came in line with expectations and failed to trigger a significant market move. USD/JPY was trading around 159.20 after touching an intraday low earlier in the session.
The price action suggests the dollar found support as markets worked through the inflation report. The pair's recovery from the lows reflects a stabilization in USD/JPY demand.
Traders are watching whether the yen can resume strengthening or if the dollar continues to recover toward the upper end of the recent range.
Source: FXStreet Forex News