USD/JPY continues to trade around ¥157 in early New York trading

USD/JPY continues to trade in the ¥157 range, with the sharp drop in crude oil and strength in U.S. equities seen as market factors. Options expiring during New York hours are seen near ¥158.

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The story

In today's foreign exchange market, USD/JPY is holding in the ¥157 range. Dollar weakness and yen weakness against cross-yen pairs are mixed, supporting the downside. The sharp drop in crude oil and strength in U.S. equities in after-hours trading are helping ease the risk-averse dollar buying.

The move in crude oil is attributed to President Trump’s intention to assess the progress of diplomatic negotiations, while reports say Gulf states are wary of a deterioration in the situation in the Middle East. Strategists say the dollar is seeking direction between AI-related stocks and crude oil trends.

At a glance

LevelUSD/JPY is trading in the ¥157 range

CatalystThe sharp drop in crude oil and strength in U.S. equities are curbing the dollar's decline

DateOptions expiring after the Bank of Japan meeting are seen at ¥158

Price movementOptions expiring at the New York cut are seen near ¥158

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