Dollar Slumps to Lower 159-Yen Range Amid Broad Weakness
The dollar weakened broadly in Tokyo foreign exchange trading on January 14th. The dollar-yen pair faced heavy resistance at around 159 yen and struggled to break above the 159.50-yen level, eventually dipping back down to 159.40 yen by 9:00 a.m.
Buyback activity remained limited, contributing to the soft dollar tone that carried over from the previous day. The euro-yen pair rose slightly, but the gains were short-lived as it eased back down to around 183.88 yen in recent trading.
The broader currency market is showing signs of dollar weakness, with both the yen and the euro gaining ground against the greenback. Concerns over potential currency intervention remain high, causing selling pressure whenever the dollar-yen pair approaches the upper 159-yen range.