Dollar-Yen Holds Firm in Low-154 Range Amid Rising U.S. Yields

The dollar-yen pair held firm in European FX markets on the 8th, trading within a low-154 range. As of 20:00 Japan time, the pair stood at 154.24 yen per dollar, with the dollar 44 sen stronger and the yen 44 sen weaker compared to the previous level.

Rising U.S. long-term yields attracted dollar buying, causing the pair to briefly recover to 154.27 yen before 18:00 amid short-covering. However, as the U.S. 10-year Treasury yield pared its advance from the low-4.81% range to the 4.79% range, dollar-yen temporarily trimmed gains to the 153.80-yen level.

The yen-selling trend persisted throughout the trading day, but the pair reclaimed the 154-yen range once the move ran its course. After 20:00, dollar-yen swung to around 154.30 yen on dollar strength and yen weakness.