USD/JPY loses momentum after topping ¥158.50 in morning trading as broad dollar selling weighs on the pair — Tokyo FX

The story

Dollar strength and yen weakness prevailed in the morning, with dollar-yen reaching 158.516. Momentum then faded, and the pair moved into the 158.10 range.

The price subsequently fell to around ¥158.17, with broad dollar selling continuing to weigh on the pair after it moved above the morning high.

With the U.S. Consumer Price Index (CPI) due to be released tonight, caution toward a strong one-way move is expected to spread.

At a glance

LevelDollar-yen hit 158.516 in the morning, then traded in the 158.10 range.

Price movementIt quickly lost momentum from the morning high and is currently trading in the upper ¥158 range.

CatalystWith the U.S. CPI release due tonight, the market is somewhat cautious about a one-way move.

As ofThe article was reported based on information available as of 12:44.

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