The Japanese Yen (JPY) witnessed good two-way price moves on Tuesday and ended the day nearly unchanged against its American counterpart.
The USD/JPY pair extends the overnight turnaround from over a one-week low. Fading safe-haven demand, along with the BoJ uncertainty, undermines the JPY. Bets for a less aggressive Fed easing lend some support to the USD and the pair. The Japanese Yen witnessed good two-way price moves on Tuesday and ended the day nearly unchanged against its American counterpart. Russia's announcement that it would lower its threshold for a nuclear strike drove some haven flows towards the JPY.
Scheduled speeches by a slew of influential FOMC members later this Wednesday will influence the USD price dynamics and provide some impetus to the USD/JPY pair in the absence of any relevant US macro data. USD/JPY needs to find acceptance above 155.00 to support prospects for further appreciation From a technical perspective, the USD/JPY pair's overnight strong rebound suggests that the recent corrective slide from a multi-month high has run its course.
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