Dollar selling linked to lower oil prices pushed dollar-yen lower, briefly taking it from around ¥158.10 to below ¥157.90 during London hours before it recovered to around ¥158. The pair also moved up and down around the same level during the morning session in Tokyo.
Dollar selling against a backdrop of lower oil prices came first, with dollar-yen briefly falling from around ¥158.10 to below ¥157.90. Trading by London market participants saw periods in which the downside was tested, and movement around the same level continued in the afternoon.
In the Tokyo session, dollar-yen traded in the low to mid-¥158 range, as it had during the morning, with buying emerging when it fell.
As for dollar-yen’s latest levels, alternating declines and recoveries were observed during London hours, and a quote around ¥158.09 was also confirmed.
Overall, no decisive factor pointing to a major direction has emerged at this point, and dollar-yen is continuing to see buying emerge during declines.