Tokyo FX: USD/JPY consolidates near highs, euro sees short-covering

USD/JPY continued to consolidate near its highs in the Tokyo market, while the euro saw some short-covering. The backdrop was reportedly a decline in expectations for an early Fed rate hike.

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The story

In the Tokyo market on the afternoon of the 19th, USD/JPY continued to consolidate near its highs in the ¥158.10 area, trading generally between ¥157.70 and ¥158.13. EUR/JPY ranged from ¥176.97 to ¥177.59, while EUR/USD traded between $1.1199 and $1.1234.

The euro saw some short-covering, while dollar selling reportedly took the lead. The decline in expectations for an early rate hike by the Federal Reserve Board (FRB) was cited as the backdrop.

At a glance

Trading rangeUSD/JPY traded in a range of ¥157.70–¥158.13

EUR/JPYEUR/JPY traded in a range of ¥176.97–¥177.59

EUR/USDEUR/USD traded between $1.1199 and $1.1234

BackgroundReduced expectations for an early Fed rate hike prompted dollar selling

Additional factorPolitical instability in France affected market sentiment

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