USD/JPY rose after breaking above its 200-day moving average, while deliberations over France's budget proposal were cited as a key market focus today. Rising oil prices amid heightened tensions in the Middle East supported dollar buying, which continued.
Yesterday, USD/JPY traded above its 200-day moving average at times, showing an upward bias. The market identified the start of deliberations on France's budget proposal as a key focus.
Concerns over the situation in the Middle East and rising oil prices supported dollar buying, with USD/JPY temporarily rising into the lower ¥158 range. Higher oil prices were accompanied by broad risk aversion, contributing to yen weakness.
Deliberations on France's budget proposal are among today's key market events, and the market direction could shift depending on the headlines that follow. English-language summaries also identify developments in the Middle East and France's fiscal situation as continuing points of focus.