Investing.com - The U.S. dollar rose against the yen on Thursday, to trade close to three-and-a-half year highs as expectations for additional easing steps by the Bank of Japan continued to weigh on demand for the yen, while signs of a strong U.S. economic recovery supported the greenback.
USD/JPY hit 96.41 during early European trade, the pair's highest since March 12; the pair subsequently consolidated at 96.40, adding 0.29%.
The pair was likely to find support at 94.84, the low of March 8 and resistance at 96.71, the high of March 11.
The yen remained under pressure after Japanese media reports suggested, earlier in the week, that BoJ governor nominee Haruhiko Kuroda could begin to implement fresh easing steps after he takes office next week and may not wait for the bank’s upcoming policy meeting in early April.
Meanwhile, the minutes of the central bank’s February meeting showed that some policymakers said bond purchases could be considered as an option for further monetary easing.
Elsewhere, the greenback remained supported after Wednesday's positive U.S. retail sales data added to optimism that the country's recovery is gaining traction after data last week showed that the economy added more jobs than expected in February, bringing the unemployment rate to a four-year low of 7.7%.
The yen was also lower against the euro with EUR/JPY rising 0.25%, to hit 124.90.
Later in the day, the U.S. was to release government data on producer price inflation and the weekly government report on initial jobless claims.
USD/JPY hit 96.41 during early European trade, the pair's highest since March 12; the pair subsequently consolidated at 96.40, adding 0.29%.
The pair was likely to find support at 94.84, the low of March 8 and resistance at 96.71, the high of March 11.
The yen remained under pressure after Japanese media reports suggested, earlier in the week, that BoJ governor nominee Haruhiko Kuroda could begin to implement fresh easing steps after he takes office next week and may not wait for the bank’s upcoming policy meeting in early April.
Meanwhile, the minutes of the central bank’s February meeting showed that some policymakers said bond purchases could be considered as an option for further monetary easing.
Elsewhere, the greenback remained supported after Wednesday's positive U.S. retail sales data added to optimism that the country's recovery is gaining traction after data last week showed that the economy added more jobs than expected in February, bringing the unemployment rate to a four-year low of 7.7%.
The yen was also lower against the euro with EUR/JPY rising 0.25%, to hit 124.90.
Later in the day, the U.S. was to release government data on producer price inflation and the weekly government report on initial jobless claims.