USD/JPY traded in a narrow range in the Tokyo market, holding in the ¥159 range. While crude oil prices are expected to rise amid concerns that tensions in the Middle East will be prolonged, thin trading with the Tokyo market closed has led to a pause in dollar buying.
USD/JPY was range-bound in the Tokyo market on the morning of the 11th, trading at around ¥159.20. It has held in the ¥159 range reached in overseas trading the previous day.
The trading ranges so far were ¥159.12–¥159.31 for USD/JPY, ¥183.74–¥183.89 for EUR/JPY, and $1.1542–$1.1548 for EUR/USD.
Crude oil prices have turned higher again amid concerns that the conflict in the Middle East will be prolonged, prompting speculation that this could encourage dollar buying.
However, trading volume is thin with the Tokyo market closed, and dollar buying appears to have paused.