The Japanese yen fell from a six-month peak against the US dollar, climbing to 104.64. The Japanese currency has been among the best performing majors this month as increasing risks in stock markets have driven safe-haven demand.
Yen tested 104 yesterday before a sharp overnight reversal, moving on a similar pattern to last July and before that February. Back then, reduced repatriation flows and dollar demand from local investors halt its decline but his time, the US presidential election is likely to keep the pressure on with many taking the view that it may be closer to 102 per USD by the end of the year.
