USD/JPY rose temporarily to 162.60 yen amid escalating Middle East tensions.

【7/20Market Overview

During Tokyo time, the yen/dollar pair traded with low liquidity as the Tokyo market was closed, starting the session around162.56yen, but then ranged around162.40yen. In European trading, reports cited Iranian officials saying that “mediators for negotiations to end hostilities between the US and Iran proposed a 10-day ceasefire for both sides,” sending the pair briefly to162.19yen before buyers stepped in again.NYtime, reports said that the Houthi movement announced it would implement a maritime blockade against Saudi Arabia, sending the dollar/yen higher with US10year yield rising, pushing the pair up to162.60yen.

【7/21Market View