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The USD\/JPY pair<\/a> snap a three-day losing streak during the Asian trading hours on Monday. The uptick of the pair\u00a0is bolstered\u00a0by the modest rebound of the US Dollar<\/a> (USD) and US Treasury Secretary\u00a0Janet\u00a0Yellen\u2019s\u00a0comments on potential Japanese interventions last week. The pair currently trades around 153.55, adding 0.35% on the day. \u00a0 The growing speculation that the US Federal Reserve (Fed) will cut the interest rate in September after\u00a0the release of\u00a0weaker-than-expected US employment data has exerted some selling pressure on the Greenback. According to the CME Fedwatch tool, traders are now pricing in an 85.5% chance that June will still see no change to the Fed fed fund rate, while the odds of a September rate\u00a0cut\u00a0rise to 90%.\u00a0<\/p>\n
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US Treasury Secretary\u00a0Janet Yellen noted\u00a0on the weekend the sharp movements in the Japanese\u00a0Yen’s\u00a0value last week but declined to comment on whether Japan intervened to support the currency.\u00a0\u201cI\u2019m\u00a0not going to comment on whether they did or\u00a0didn\u2019t\u00a0intervene,\u201d\u00a0Yellen said. Her comments on prospective Japanese interventions have varied over the last two years, often emphasizing a Group of Seven agreement\u00a0in support of\u00a0market-determined currency rates. Yellen\u00a0emphasized\u00a0that interventions should only\u00a0try to\u00a0reduce market volatility<\/a> rather than manipulate currency rates.\u00a0Meanwhile,\u00a0Japan’s\u00a0Finance Minister Shunichi Suzuki did not confirm the interventions, as per Bloomberg.<\/p>\n