USD/JPY slipped back into the 155-yen range in Tokyo trading on the afternoon of the 7th. The yen came under buying pressure temporarily on expectations that the Bank of Japan would accelerate the pace of monetary tightening.
USD/JPY edged lower in Tokyo trading on the afternoon of the 7th, slipping back into the 155-yen range. Expectations that the Bank of Japan would accelerate the pace of monetary tightening prompted yen buying and pushed the psychologically important 160-yen level further out of reach, creating conditions in which the dollar was more likely to attract buying on dips.
The current trading ranges are 155.80 to 156.28 for USD/JPY, 181.03 to 181.48 for EUR/JPY, and 1.1607 to 1.1620 for EUR/USD.
With few market cues available, conditions are making aggressive dollar buying difficult.