The USD/JPY pair remains under some selling pressure for the second straight day on Wednesday, albeit lacks follow-through and remains confined in a f
amiliar range held over the past one-and-half-week or so. Spot prices manage to hold above mid-145.00s through the Asian session and the fundamental backdrop warrants some caution for aggressive bearish traders.
The US Dollar edges lower in the wake of a modest downtick in the US Treasury bond yields and turns out to be a key factor weighing on the USD/JPY pair. Apart from this, fears of an intervention by Japanese authorities to prop up the domestic currency, along with looming recession risks, benefit the Japanese Yen's safe-haven status and contribute to the offered tone surrounding the major.
In the latest developments surrounding the US-China saga, the US Commerce Department’s Bureau of Industry and Security said Monday that it is removing 27 Chinese entities from its Unverified List. This comes ahead of US Commerce Secretary Gina Raimondo's China visit from August 27 to 30 and boost investors' confidence.
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