The dollar/yen was up 0.25 percent as of 06:30 GMT on Tuesday to trade at 109.23, as the greenback recovered in anticipation to the Jackson Hole symposium later this week.

Traders are looking ahead of speeches from major central bankers, including Federal Reserve Chairwoman Janet Yellen, European Central Bank President Mario Draghi, Bank of England Governor Mark Carney and Bank of Japan Governor Haruhiko Kuroda.

The US dollar index, which tracks the greenback against a basket of six major rivals, was 11 percent higher at 93.12 by the time of this writing.

The main focus will be at Yellen’s words, as the Federal Reserve is the only regulator making actual steps to normalize its monetary policy. Traders will be following her speech in search for hints on the timing for the next interest rate hike.

According to Fed funds tracked by CME Group’s FedWatch tool, market participants are pricing in a 40.0 percent probability of a rate hike by December.

If Yellen insists on a third rate hike for 2017, the dollar would itself on an even weaker position, as traders would likely bet on shorts in the middle term.

The American currency has been under pressure lately due to several factors, including Washington’s fight with business advisers and tensions in the Korean peninsula.

With no relevant reports scheduled for release on Monday nor Tuesday, the direction of the pair is likely to be determined by market sentiment and US Treasury yields. Lower yields would make the safe haven yen more attractive for investors.