
- Tepid Chinese data weighed on the market’s mood at the beginning of the day.
- Expectations for higher US Treasury yields undermine demand for the JPY.
- USD/JPY trades near the multi-month high posted in December and aims to break higher.
The USD/JPY pair traded as high as 157.84 on Thursday, holding not far from the December multi-month high of 158.07 by the end of the day. Market participants kept the focus on US political uncertainty as former President Donald Trump gears up to retake office while geopolitical tensions in the Middle East continue.
The Japanese yen suffered from mounting
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