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The USDJPY briefly spiked to 135.30 yen
Post-holiday trading kicked off with Tokyo traders aggressively buying dollars and selling yen.
“The USDJPY briefly spiked to 135.30 yen”
In today’s Tokyo foreign exchange market report, it was noted that the USDJPY briefly spiked to 135.30 yen in the morning before falling back as a result of profit-taking sales. Last week, the USDJPY witnessed a decline to the 133 yen level due to concerns regarding the financial crisis of US regional banks and indications of a halt to rate hikes at the US FOMC. However, the pair experienced a resurgence and rose to the 135 yen level following strong US employment statistics on Friday, ultimately concluding the week’s trading at approximately 134 yen.
Post-holiday trading kicked off with Tokyo traders aggressively buying dollars and selling yen. As the USDJPY restored the 135 yen level, it rose further to about 135.30 yen, surpassing the high from the past five days. Nevertheless, the momentum slowed down shortly after, as profit-taking sales countered the ascent after the peak. With the London market closed for a holiday related to the coronation of King Charles, there were fewer market participants, which triggered some position adjustments.
In the afternoon session, the USDJPY increased to the 134.60 yen level, which exhibited slight upward pressure. The EURJPY, which had reached 149.09 yen in the morning in tandem with the USDJPY, promptly decreased to the 148 yen level, continuing to trade in the latter half of the 148 yen level.
Meanwhile, the EURUSD climbed to the 1.1010 level in the morning, courtesy of the robust USD. However, it subsequently ascended to the 1.1040 level. While the trading lacked excitement, the overall impression was relatively robust, as the pair continued to fluctuate in the 1.10 level range.
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