Tokyo FX: USD/JPY in the mid-153s after a modest rebound

In the Tokyo market, USD/JPY edged back to the mid-153s. It recovered from an intraday low of 152.88, but the yen's weakening trend remains limited, leaving open the possibility of further downside.

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The story

In the Tokyo market on the afternoon of the 8th, USD/JPY edged back to the 153.50 area. After finding support at the morning low of 152.88, it recovered to the 153 level.

Meanwhile, EUR/JPY traded in a range of 177.86-179.44, while EUR/USD traded in a range of 1.1623-1.1634. The unwind of yen selling continues, but recoveries in the major currency pairs are expected to remain limited.

At a glance

USD/JPY levelUSD/JPY edged back to the 153.50 area. The morning low was 152.88.

Intraday rangeUSD/JPY traded in a range of 152.88-154.37, while EUR/JPY traded in a range of 177.86-179.44.

Key developmentsThe yen's weakening trend continues, but the rebound is expected to remain limited.

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