USD/JPY remained in a narrow range around the mid-¥157 level in the Tokyo market, with investors staying on the sidelines as a lack of catalysts prolonged the wait-and-see mood. There were also reports that rising NY crude futures could make the dollar more prone to buying.
In the Tokyo market on the afternoon of the 28th, USD/JPY traded around the ¥157.70 level, with the day's range contained between ¥157.34 and ¥157.85. The available catalysts had been exhausted for the time being, limiting market activity.
WTI crude oil had risen into the approximately $94-per-barrel range, cited as a factor behind dollar buying.
The major currencies were said to have lost some of their upward momentum against the dollar. EUR/JPY traded around the mid-¥179 level, while EUR/USD moved within a range of $1.1373–$1.1391.
The day's moves were viewed as reflecting a lack of catalysts, and the market was expected to remain in a phase of waiting for the next cue.