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The USDJPY briefly touched 138.87 yen
as it made adjustments following a decline in the stock market.
“During the trading session, the USD/JPY briefly touched 138.87 yen as it made adjustments following a decline in the stock market.”
Building on the previous day’s strength of a robust dollar and a weakened yen, the USD/JPY surged to 138.80 yen in the morning, before making a temporary adjustment to around 138.40 yen. However, it quickly resumed its ascent and reached a notable high of 138.87 yen, marking the highest level observed since November 30th.
Before the commencement of the afternoon session, the Ministry of Economy, Trade and Industry made a significant announcement regarding the implementation of semiconductor export regulations, scheduled to be enforced from July 23rd. This announcement triggered an abrupt downturn in stock prices, including Tokyo Electron, resulting in an increase in risk aversion among market participants. As a consequence, the USD/JPY slipped below the morning low, touching 138.36 yen. Nonetheless, it later experienced a resurgence in buying pressure and resumed trading in the vicinity of the mid-138 yen level.
Benefiting from the upward trajectory of the USD/JPY, the EUR/JPY managed to climb to the 150 yen level before midday. However, it faced substantial selling pressure, causing it to retreat to 149.56 yen. The Japanese stock market’s influence weighed on the euro’s performance as well.
The EUR/USD encountered challenges in gaining upward momentum, leading to restricted fluctuations and occasional advances that approached the 1.0800 mark.
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