At the start of the London session, USD/JPY briefly fell to around 157.48. As NY crude oil futures fell from the $92 range to the upper $89 range, lower oil prices also affected the yen. This was viewed as creating pressure for the yen to recover.
At the start of the London session, USD/JPY extended its decline to 157.48. The currency's movements were linked to oil prices, suggesting that some of the environment favoring dollar buying was beginning to unwind. The move attracted attention as an intraday movement in USD/JPY.
NY crude oil futures fell below the $92 range to the upper $89 range. The decline in oil prices was cited as a factor behind the fading momentum of safe-haven dollar buying.
Some market participants viewed lower oil prices as favorable for the yen's terms of trade, with a possible contribution to yen buying. The weakening of dollar buying pressure may have affected USD/JPY.