The yen traded at 114.12 at 10:26 a.m. HK/SIN, retreating from an earlier session high of 113.81, but climbing from levels above 116 to the dollar in the previous week on safe haven demand.
“The yen was driven on the back of risk aversion as outsized movement on pound/yen was the primary driver,” explained Stephen Innes, a senior trader at OANDA, in a note. “There has been less focus on the dollar/yen pair after last week’s hefty position clear out.”
The pound/yen cross fell from levels above 140 in the previous week to about 137.47 on Tuesday morning Asia time.
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