Tokyo FX: USD/JPY edges higher as short-covering continues

USD/JPY edged higher in the Tokyo market, renewing its intraday high as the dollar's short-covering continued. With yen-selling pressure also likely to emerge, major currencies were soft against the dollar.

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The story

In the Tokyo market on the afternoon of the 20th, USD/JPY rose to ¥158.63, renewing its intraday high. The dollar continued to see short-covering on perceptions that it was undervalued, and trading remained focused on further gains.

The trading ranges so far were ¥158.03 to ¥158.63 for USD/JPY, ¥184.58 to ¥185.12 for EUR/JPY, and 1.1670 to 1.1683 for EUR/USD.

The euro and other major currencies were soft against the dollar, while the yen was expected to remain firm, supported by factors prompting yen selling on fiscal concerns.

At a glance

TimingIn the Tokyo market on the afternoon of the 20th

LevelUSD/JPY briefly rose to the ¥158.63 area, renewing its intraday high

FactorThe dollar's short-covering continued, with trading seen targeting further gains

RangeUSD/JPY ¥158.03-¥158.63, EUR/JPY ¥184.58-¥185.12, EUR/USD 1.1670-1.1683

NatureMajor currencies were soft against the dollar

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