Investing.com - The broadly weaker dollar fell to two-week lows against the yen on Monday as market sentiment was boosted after Lawrence Summers pulled out of the race to succeed Ben Bernanke as the next chairman of the Federal Reserve.
USD/JPY hit 98.50 during late Asian trade, the lowest since September 2; the pair subsequently consolidated at 98.84, shedding 0.51%.
The pair was likely to find support at 97.87, the low of August 30 and resistance at 99.50.
The dollar weakened broadly after Summers withdrew from the race to be the next Fed chairman, easing investor concerns that he would roll back economic stimulus measures more aggressively than his main rival for the post, Janet Yellen.
Investors were also focusing on the outcome of the upcoming Fed policy meeting, which concludes on Wednesday, after a recent series of lukewarm U.S. data raised doubts over whether the central bank will start to taper its USD85 billion-a-month bond buying program this month.
The yen was little changed against the euro, with EUR/JPY dipping 0.02% to 132.07.
The euro zone was to release data on consumer price inflation later Monday, while European Central Bank President Mario Draghi was to speak in Berlin.
The U.S. was to publish the Empire state manufacturing index, in addition to data on industrial production and the capacity utilization rate.
USD/JPY hit 98.50 during late Asian trade, the lowest since September 2; the pair subsequently consolidated at 98.84, shedding 0.51%.
The pair was likely to find support at 97.87, the low of August 30 and resistance at 99.50.
The dollar weakened broadly after Summers withdrew from the race to be the next Fed chairman, easing investor concerns that he would roll back economic stimulus measures more aggressively than his main rival for the post, Janet Yellen.
Investors were also focusing on the outcome of the upcoming Fed policy meeting, which concludes on Wednesday, after a recent series of lukewarm U.S. data raised doubts over whether the central bank will start to taper its USD85 billion-a-month bond buying program this month.
The yen was little changed against the euro, with EUR/JPY dipping 0.02% to 132.07.
The euro zone was to release data on consumer price inflation later Monday, while European Central Bank President Mario Draghi was to speak in Berlin.
The U.S. was to publish the Empire state manufacturing index, in addition to data on industrial production and the capacity utilization rate.