By FX Empire.com
The USD/JPY pair traded in a very narrow range early Monday near its highest level in three months, where traders are still testing the current market sentiment and confidence to determine the next move for the yen.
The latest intervention from the Bank of Japan has weakened the yen by 4.7% against the dollar, but the USD/JPY pair did not try to continue rising since then as the effect of the intervention wanes.
The Japanese yen has the lowest interest rate among all development countries, and Japan still able to achieve surplus which qualifies the yen to be the first save haven currency.
Both economies will not release any data on Tuesday, where the pair’s movements will depend on the market sentiment.
Originally posted here
