Yen Bears Cautious Near Four-Decade Low Amid Intervention Risk
USD/JPY holds steady above 163.00, near its highest level since 1986, as yen bears turn cautious due to looming intervention risks.
USDJPY
The Japanese yen continued to weaken, with USD/JPY trading above 163.00 during the Asian session on Wednesday, close to levels not seen since 1986. The pair entered a bullish consolidation phase after hitting a four-decade low for the yen earlier.
Traders are becoming cautious on short yen positions amid the possibility of intervention by Japanese authorities to support the currency. The risk of official action is keeping the bears in check, preventing further downward movement for the yen at these elevated levels.
Source: FXStreet Forex News