JPY stabilizes near 159.00 USD after retracing intervention-driven gains amid stronger USD and rising oil prices.
The Japanese Yen steadied above 159.00 against the US Dollar on Tuesday, pausing a recent decline driven by USD strength. The pair had recovered sharply following last week’s suspected intervention but has since retraced most of those gains.
Prior to the intervention, USD/JPY traded near multi-decade highs above 160.00. Elevated oil prices and a resilient US Dollar have weighed on the Yen, offsetting the initial boost from potential official action.
Markets remain focused on upcoming US inflation data, which could influence Federal Reserve policy expectations and further USD moves.