The Japanese yen strengthens near 159.00 against the dollar as traders await key US inflation figures later today.
The Japanese yen (JPY) rebounded from a low of 159.45 against the US dollar, trading near 159.00 in a session marked by unusually low volatility. The currency emerged as one of the top performers on Wednesday, supported by technical buying after testing key support levels.
Earlier, the yen had dipped to its weakest point since late April, reflecting broader dollar strength. Market focus now shifts to upcoming US inflation data, which could influence Federal Reserve policy expectations and drive further currency movements.
Traders remain cautious ahead of the release, with the yen’s recovery seen as a short-term correction rather than a trend reversal.