There has been quite strong resistance around 118.20 yen and as the dollar failed to clear that line, it faced selling pressure.
More Quotes from Ryohei Muramatsu:
While the US Federal Reserve Board is exploring ways to exit from the interest rate-hiking cycle, investors are gaining strong confidence in the strength of Japan's economic fundamentals.Ryohei Muramatsu
As the European Central Bank is turning more hawkish on its rate outlook, capital inflows into euro-denominated assets are expected to grow stronger.
Ryohei Muramatsu
The lower demand at the five-year auction may continue in auctions in the coming weeks. This will lead investors to adopt a wait-and-see attitude for the time being.
Ryohei Muramatsu
The market is more inclined to the perception that US interest rates will rise further.
Ryohei Muramatsu
The dollar's gains today were capped around the recent peak level of 119.39 yen, because this level is also a key resistance level on charts.
Ryohei Muramatsu
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