Yen steadied near one-month low as the market awaits Federal Reserve Chairman Jerome Powell's testimony Wednesday and any signals he provides on an expected rate cut this month. The Ministry of Finance sells five-year bonds.

USD/JPY little changed at 108.76, after touching 108.80 on Monday, highest since June 11

USD/JPY is unlikely to gain upside momentum even if it recovers 109 levels as selling orders are likely to be placed by those who bought the pair at high levels, Naoto Ono, currency analyst at Ueda Harlow, writes in report

While excessive expectations for 50bp Fed rate cut disappeared after the jobs data, speculation still lingers for a cut this month and there is no need to rush and buy back the dollar before Powell speaks.

Source : Bloomberg