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Yen slips but holds intervention gains, traders alert to more action
['Chibuike Oguh', 'Tue', 'August', 'At Pm Gmt', 'Min Read']
Yahoo Finance
By Chibuike OguhNEW YORK, Aug 4 (Reuters) - The yen slipped on Tuesday but held on to most of its gains from last week's rare coordinated intervention by Tokyo and Washington.
The Japanese currency had rallied as much as 5% over the last three trading sessions, with Japan confirming coordinated yen-buying intervention on Friday with the U.S. in a rare move.
Yen short positioning are still relatively elevated but are now particularly risky given risk of intervention by Japanese and U.S. monetary authorities, said TS Lombard analysts led by Daniel Von Ahlen in an investor note.
Monday's surge in the yen stirred speculation that Japanese authorities had intervened again, although officials offered no confirmation.
DOLLAR STEADIESThe dollar edged lower against major currencies after recent losses triggered by the yen-buying intervention and a decline in oil prices.