The USD/JPY pair gives up the majority of its intraday gains after facing significant bids near 154.00 in Monday’s North American session.
USD/JPY surrenders a majority of its intraday gains after a sharp rally in the opening session. The pair gives up gains as US Dollar falls back amid uncertainty ahead of US data. The scenario of a coalition government in Japan has diminished BoJ rate hike prospects. The asset showed a strong upside move in the opening session due to a sharp weakness in the Japanese Yen but faced pressure at elevated levels as the US Dollar retreated after failing to extend rally.
Japanese Yen FAQs What key factors drive the Japanese Yen? The Japanese Yen is one of the world’s most traded currencies. Its value is broadly determined by the performance of the Japanese economy, but more specifically by the Bank of Japan’s policy, the differential between Japanese and US bond yields, or risk sentiment among traders, among other factors.
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