USD/JPY extends its sideways movement below the 160.00 psychological mark on Tuesday as the US Dollar (USD) struggles to gain traction. Receding expectations of a Federal Reserve (Fed) interest-rate hike at the upcoming meeting weigh on the Greenback, even as tensions in the Middle East keep the monetary policy outlook uncertain.
At the time of writing, the pair trades near 159.60. The US Dollar Index (DXY), which tracks the Greenback against a basket of six major currencies, trades around 99.62 after recovering from the two-month low of 99.30 touched on Monday.
Elevated long-term US Treasury yields provide some support to the Greenback. The…
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