The yen edged higher on Wednesday but remained below multi-month highs after emerging markets stabilized, while the Australian dollar took a breather following a powerful rally.
The U.S. dollar eased 0.2 percent to 101.45 yen while the euro sagged 0.3 percent to 137.03 yen. Still, both the dollar and the euro remained above 11-week lows set on Tuesday, when the dollar hit a low near 100.76 yen and the euro fell to as low as 136.25 yen.
Analysts at BNP Paribas remained cautious about re-entering long dollar/yen positions, instead preferring to wait for further signs of stabilization in the risk environment.
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