Japanese Yen slides to fresh daily low against against USD, US NFP looms large
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The Japanese Yen (JPY) drops to a daily low against the USD after rising to a two-week high earlier. The decline is attributed to USD buying supported by hawkish remarks from Federal Reserve officials. However, the risk-off environment and intervention fears limit the JPY's losses. Traders are now awaiting the release of the US jobs data (NFP) for further direction. Speculations of Japanese authorities intervening in the markets and the possibility of a rate hike by the Bank of Japan also contribute to the cautious trading. The USD/JPY pair's pullback from a multi-decade high may not be over yet.
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