USD/JPY Stalls Near Lows as Markets Watch BOJ Policy | FX and Foreign Exchange News

USD/JPY traded in a narrow range near its lows in European trading, with markets focused on the BOJ's future policy direction. The pair remained rangebound around the mid-¥155s.

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The story

USD/JPY continued to trade near today's lows around ¥155.50 in European trading. Expectations that the BOJ will continue raising interest rates kept yen buying in focus, capping gains in USD/JPY.

USD/JPY traded in a range of ¥155.56 to ¥155.88, EUR/JPY between ¥178.54 and ¥178.80, and EUR/USD between $1.1467 and $1.1480.

Dollar selling appears to have receded as long-term US yields remain elevated. Meanwhile, caution over the BOJ's policy direction continues to support the yen.

Overall, foreign exchange markets are expected to remain susceptible to developments at the BOJ. The focus is on signals regarding its rate-hike policy and the direction of its policy management.

At a glance

LevelsUSD/JPY traded in the lower end of the range around ¥155.50 in European trading

ScopeUSD/JPY traded between ¥155.56 and ¥155.88

Against the yenEUR/JPY traded between ¥178.54 and ¥178.80

Against the dollarEUR/USD traded between $1.1467 and $1.1480

FactorsYen buying was in focus amid caution over further BOJ rate hikes

Additional informationDollar selling has receded as long-term US yields remain elevated

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