Tokyo FX: USD/JPY holds near its high, major currencies edge lower

USD/JPY held near its high in the Tokyo market as the dollar strengthened amid growing expectations of an early rate hike by the FRB. Major currencies softened slightly against the dollar, while USD/JPY traded in the upper ¥159 range.

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The story

In the Tokyo market on the afternoon of the 1st, USD/JPY broke above its high for the day and is approaching 159.90. With expectations of an early rate hike by the FRB rising, the market is prone to favor dollar buying.

Major currencies including the euro and Australian dollar weakened against the dollar and also edged lower against the yen. Trading ranges so far are 159.59-159.86 for USD/JPY, 185.43-185.69 for EUR/JPY and 1.1603-1.1624 for EUR/USD.

Related articles include coverage of Tokyo FX market trends, the outlook for the Nikkei 225 and the outlook for US stocks.

At a glance

Trading rangeUSD/JPY: 159.59-159.86

Range against the yenEUR/JPY: 185.43-185.69

Range against the dollarEUR/USD: 1.1603-1.1624

Near the highUSD/JPY approaches 159.90

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