USD/JPY was largely flat in the New York market on the 16th, closing at ¥158.02. It rose as high as ¥158.34 intraday, but was pushed back as the cloud top and other factors weighed on the upside.
In the New York foreign exchange market on the 16th, USD/JPY was largely flat, closing at ¥158.02. This was only slightly higher for the dollar than the previous session's close of ¥158.00. The yen initially strengthened and the dollar weakened when the US 10-year Treasury yield fell to the 5.06% range, while the intraday low was ¥157.70.
At one point, the previous day's low of ¥157.55 was viewed as support, and buying back the dollar gained the upper hand. Market participants reportedly also focused on previous lows of ¥157.52 and ¥157.44 as support. As the US 10-year Treasury yield rose to the 5.12% range, dollar buying strengthened broadly, and USD/JPY renewed its intraday high at ¥158.34 shortly before 2:00 a.m.
However, the Ichimoku Cloud's top at ¥158.44 and the 200-day moving average at ¥158.57 weighed on the pair as daily-chart resistance, and it failed to break through them. When the US 10-year Treasury yield fell back to the 5.06% range, USD/JPY was pushed back to around ¥157.96.
EUR/USD edged higher to close at $1.1239, while EUR/JPY closed at ¥177.58. The euro moved in line with US long-term interest rates, and at times the intraday low around $1.1208 acted as support.
Today's reference ranges were ¥157.70 to ¥158.34 for USD/JPY, $1.1208 to $1.1269 for EUR/USD, and ¥177.15 to ¥177.97 for EUR/JPY.