The Japanese Yen (JPY) weakened against its US counterpart and reversed part of Friday's recovery from the lowest level since July 23 following Bank of Japan (BOJ) Governor Kazuo Ueda's remarks. Ueda did not signal a December interest rate hike, which seemed to disappoint investors and weighed on the JPY. Moreover, a generally positive risk tone was seen as another factor that dented demand for the JPY as a safe-haven.
However, speculations that the Japanese authorities might intervene in the forex market to support the domestic currency kept JPY bears from placing aggressive bets.
This, along with a subdued US Dollar (USD) price action, might act as a headwind for the USD/JPY pair and cap gains. Traders might also prefer to wait on the sidelines and wait for BOJ Governor Ueda's media conference at 04:45 GMT for some meaningful impetus.
Source: FXStreet
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