In the Tokyo market, USD/JPY struggled to extend its gains after rising temporarily and traded in the lower ¥160 range in the afternoon. The range was ¥160.13-¥160.39, while other currency pairs also moved only slightly.
In the afternoon Tokyo market, USD/JPY gave back some of its gains and traded in the lower ¥160 range. The trading range was ¥160.13 to ¥160.39, while EUR/JPY traded between ¥185.58 and ¥185.75, and EUR/USD moved within a range of 1.1576-1.1596.
The prolonged uncertainty surrounding the situation in the Middle East was cited as a factor affecting currency-market movements. Movements in US long-term yields and crude oil prices helped support dollar buying, while expectations of foreign-exchange intervention and a Bank of Japan rate hike at times prompted yen buying.
In this session, ranges were provided for the three major pairs, USD/JPY, EUR/JPY and EUR/USD, and market participants are closely monitoring developments.