The Japanese Yen (JPY) struggles near a three-week low against its American counterpart during the Asian session on Tuesday and seems vulnerable to prolonging a two-week-old downtrend.
US President Donald Trump showed willingness to engage in trade negotiations, fueling hopes for a US-Japan deal before the August 1 deadline and lending some support to the JPY. Meanwhile, the optimism boosts investors' appetite for riskier assets and acts as a headwind for the safe-haven JPY.
Furthermore, bets that the Bank of Japan (BoJ) would keep interest rates low for longer than it wants amid concerns about the economic fallout from higher US tariffs contribute to capping the JPY.
Apart from this, political uncertainty ahead of Japan's upper house elections on July 20 might hold back the JPY bulls from placing aggressive bets. Traders also seem reluctant ahead of the US consumer inflation figures, which will provide some meaningful impetus to the US Dollar (USD) and the USD/JPY pair.
Source: FXStreet
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