Ella 
The yen edged up against the dollar in Asia on Thursday from its lowest level since 1990, but it was still difficult to profit from the move. Speculation that Japanese authorities may soon intervene in markets to support the yen prompted traders to reduce bearish bets on the yen on Wednesday. That said, the Bank of Japan’s (BoJ) cautious attitude and uncertainty about future interest rate hikes have limited further appreciation of the yen.
On the other hand, the US dollar (USD) stabilized near monthly highs following hawkish comments from Federal Reserve Governor Christopher Waller on Wednesday. This is another factor helping USD/JPY attract some bargain hunting, although upside appears limited as traders are likely to await more clues on the path of Fed policy. As a result, focus will remain on Friday’s release of the U.S. personal consumption expenditures (PCE) price index, the inflation gauge favored by the Fed.
