European FX: USD/JPY continues to fall, while the dollar also sees some buying

USD/JPY continued to fall in European trading, reaching 156.17. After a temporary rebound in Asian trading, yen strength again prevailed, while higher crude oil prices and US yields continued to support dollar buying.

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The story

USD/JPY extended its decline in European trading, falling to an intraday low of 156.17. Yen strength again prevailed during European trading hours, with the pair continuing to break lower.

So far, USD/JPY has traded between 156.17 and 157.12, EUR/JPY between 181.26 and 182.30, and EUR/USD between 1.1599 and 1.1612. Dollar-buying momentum remains evident.

Conditions of higher crude oil prices and US yields remain unchanged and are seen as supporting demand for the dollar. The market has yet to see any factors that would curb a dollar rebound, and some expect yen-led moves to continue.

At a glance

TimingUSD/JPY fell as low as 156.17 in European trading on 9/3

LevelUSD/JPY: 156.17–157.12; EUR/JPY: 181.26–182.30

LevelEUR/USD traded in a range of 1.1599–1.1612

BackgroundHigher crude oil prices and US yields continue to support dollar buying

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