USD/JPY Gives Back Gains After US Inflation Data
USD/JPY experienced volatile swings on Wednesday, initially climbing to 162.42 before retreating to 161.90 and then bouncing back to 162.28, ultimately settling near the level where it started the day.
The Japanese yen briefly strengthened against the US dollar on Wednesday following the release of US inflation data, but quickly gave back those gains, leaving USD/JPY little changed on the session.
The pair rose to 162.42 during the London morning session before being knocked down to 161.90 in the New York afternoon. A subsequent bounce pushed it back to 162.28, and as of writing, it trades at 162.11—almost exactly where it began the day.
Market participants viewed the price action as volatile without any sustained directional momentum, as the yen failed to hold onto the initial boost from the inflation report.
Source: FXStreet Forex News