Investing.com - The dollar was steady close to five-week lows against the yen on Wednesday as investors anticipated the outcome of the Bank of Japan’s two-day policy meeting on Thursday.
USD/JPY hit 93.33 during late Asian trade, the session low; the pair subsequently consolidated at 93.36, dipping 0.06%.
The pair was likely to find support at 92.56, Tuesday’s low and a five-week low and resistance at 94.36, Monday’s high.
The yen firmed up in recent sessions as investors trimmed back expectations for aggressive easing measures by the BoJ at the conclusion of the bank’s policy setting meeting on Thursday.
The BoJ was expected to announce that it would expand its asset purchase program and extend the maturities of the bonds it purchases.
New BoJ Governor Haruhiko Kuroda was expected to indicate that bolder steps could be taken following the bank’s next policy meeting on April 26.
The yen was higher against the euro, with EUR/JPY down 0.24% to 119.45.
The single currency remained under pressure after weak euro zone manufacturing and employment data on Tuesday raised doubts over the prospects for growth in the first quarter.
The euro zone was to publish preliminary data on consumer price inflation later Wednesday.
The U.S. was to release the ADP nonfarm payrolls report, while the Institute of Supply Management was release a report on U.S. service sector activity.
USD/JPY hit 93.33 during late Asian trade, the session low; the pair subsequently consolidated at 93.36, dipping 0.06%.
The pair was likely to find support at 92.56, Tuesday’s low and a five-week low and resistance at 94.36, Monday’s high.
The yen firmed up in recent sessions as investors trimmed back expectations for aggressive easing measures by the BoJ at the conclusion of the bank’s policy setting meeting on Thursday.
The BoJ was expected to announce that it would expand its asset purchase program and extend the maturities of the bonds it purchases.
New BoJ Governor Haruhiko Kuroda was expected to indicate that bolder steps could be taken following the bank’s next policy meeting on April 26.
The yen was higher against the euro, with EUR/JPY down 0.24% to 119.45.
The single currency remained under pressure after weak euro zone manufacturing and employment data on Tuesday raised doubts over the prospects for growth in the first quarter.
The euro zone was to publish preliminary data on consumer price inflation later Wednesday.
The U.S. was to release the ADP nonfarm payrolls report, while the Institute of Supply Management was release a report on U.S. service sector activity.