USD/JPY weakened in European trading as yen buying resumed. The pair fell from around ¥157.01 to ¥154.60, while trading ranges for European currencies against the yen and dollar repeatedly narrowed and widened.
USD/JPY traded weakly in European markets as risk-averse yen buying re-emerged. As a result, the dollar was mainly weaker against the yen, with the day's trading moving with around ¥157.01 as the low.
At the same time, other currency pairs repeatedly moved through periods of narrowing and widening ranges. Weakness in European stocks weighed on trading, while oil-market movements were also watched as a factor influencing the dollar.
Specifically, USD/JPY traded in a range of ¥156.60-¥157.01, EUR/JPY in a range of ¥175.30-¥175.88, and EUR/USD in a range of 1.1184-1.1203. Depending on oil-market movements, dollar-buying pressure could change going forward.