Japanese Yen struggles near 161.50 amid strained US-Iran peace talks
The Japanese Yen (JPY) is facing fresh headwinds and looking to resume its downside against the US Dollar (USD) as a new week kicks off in Asia on Monday.
The USD is finding fresh safe-haven bids, following the strained peace talks between the United States (US) and Iran over the weekend, which resulted in the Iranian negotiators walking out in protest to US President Donald Trump’s threats to strike Iran again.
Trump threatened after Iran announced the closure of the Strait of Hormuz on Saturday, in the wake of the continued Israeli hostilities in Lebanon.
Trump said: "Iran must immediately stop their highly paid PROXIES in Lebanon from causing trouble. If they don't, we'll hit Iran very hard again, just like we did last week, only harder!!!"
Fox News reported that Trump had gone further in an interview, saying he had told Iranian officials if they closed the strait, "you won't have a country", and threatening to take over the waterway.
The Greenback’s renewed haven demand is driving the USD/JPY pair back toward the highest level since July 2024, near 161.80, hit last week.
However, the further upside in the pair remains at the mercy of the looming Japanese forex intervention risks, which could provide a floor to the JPY, especially after the recent hawkish Bank of Japan (BoJ) commentary and signals from the April meeting Minutes.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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