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- USD/JPY staged a decisive recovery in the early European morning.
- The pair returned into the negative territory after coming in within a touching distance of 131.00.
- Falling US Treasury bond yields make it difficult for the pair to gather momentum.
USD/JPY reversed its direction and sharply rose toward 131.00 after having touched its lowest level since late May at 129.50 during the Asian trading hours. The pair, however, lost its bullish momentum and was last seen losing 0.25% on the day at 130.40.
The sudden US Dollar strength in the European morning provided a boost to the pair on Tuesday. Earlier in the day, the Japanese yen gathered strength on growing expectations of a hawkish Bank of Japan (BOJ) policy shift. Over the weekend, Nikkei reported that the BOJ was considering raising its inlation forecasts for 2023 and 2024 in January.
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