Tokyo FX: USD/JPY near high as dollar sees short-covering

USD/JPY moved up into the 158 range near its high in Tokyo trading. Dollar short-covering gathered pace following its decline in overseas trading the previous day, while EUR/JPY and EUR/USD also held near their highs.

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The story

In afternoon trading in Tokyo, USD/JPY rose to the 158.50 range and moved up near the day's high. It traded between 158.03 and 158.56.

EUR/JPY was near its high, while EUR/USD softened to the 1.1670 range. The dollar's decline in overseas trading the previous day made it look undervalued, creating conditions conducive to short-covering.

Yen selling driven by concerns over Japan's fiscal position is supporting the major currencies. Against this backdrop, USD/JPY is holding near its high.

At a glance

TradingIn afternoon trading in Tokyo, USD/JPY rose to the 158.50 range and moved up near the day's high.

LevelTrading ranges were 158.03-158.56 for USD/JPY, 184.58-185.12 for EUR/JPY and 1.1670-1.1683 for EUR/USD.

CurrencyEUR/JPY was near its high, while EUR/USD softened to the 1.1670 range.

BackgroundThe dollar's decline in overseas trading the previous day made it look undervalued, encouraging short-covering.

FactorYen selling driven by concerns over Japan's fiscal position is also supporting the major currencies.

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