Dollar falls for third straight session against Japanese Yen

US dollar fluctuated lower in a narrow range during the Asian session to its retreat for the fourth session from its highest since June 19 against the Japanese yen amid a lack of economic data by the Japanese economy, the third largest economy in the world and the absence of the US market on Thursday in observance of the Independence day holiday in the United States.

As of 06:55 GMT, USD/JPY dropped 0.01% to 107.80, compared to the opening levels at 107.81, after reaching a low of 107.71 and a high of 107.84.

Japanese Prime Minister Shinzo Abe on Wednesday expressed his confidence that BOJ Governor Haruhiko Kuroda could achieve his country's monetary policy targets, adding that his government does not see the Japanese central bank's monetary policy easing as a failure, and that the Japanese government wants the Bank of Japan to direct monetary policy to be suitable to the economic conditions.

On the other hand, markets are looking forward for Friday's release of US labor market data, which may reflect a stable unemployment rate at the 49-year low of 3.6%, with a little change from May amid expectations that the Non-Farm Payrolls job creation may accelerate to 164 thousand jobs compared to 75 thousand jobs, with the reading of the average hourly income growth, which may accelerate to 0.3% compared to 0.2%.

This comes after the reading of the change in private sector jobs index, which is preliminary data for the labor market that showed that the creation of jobs has accelerated to 102 thousand jobs compared to 41 thousand jobs in May, below expectations for 140 thousand jobs added. It worth mentioning that the US labor market report is among the important data that weigh heavily on the decisions and directions of the Fed's monetary policymakers.