Investing.com - The dollar turned lower against the yen on Thursday, after initially rising to the strongest level in five years, after the Federal Reserve said Wednesday that it will start tapering its economic stimulus program from next month.
USD/JPY was down 0.36% to 103.90 during late Asian trade after rising as high as 104.35 earlier, the highest level since October 2008.
The pair was likely to find support at 103.60 and resistance at 104.35.
The Federal Reserve announced Wednesday that it would reduce its USD85 billion-a-month bond buying program by USD10 billion in January. In his last press conference as Fed Chairman Ben Bernanke said the economy was continuing to make progress.
The U.S. central bank reiterated that interest rates are likely to remain low even after the unemployment rate drops below 6.5%, the threshold at which the Fed has previously said it would start to consider rate increases.
The euro was steady close to two week lows against the dollar, with EUR/USD falling to lows of 1.3648, the weakest since December 6. The pair was last up 0.02% to 1.3685.
Elsewhere, the euro pulled back from five year highs against the yen, with EUR/JPY down 0.33% to 142.22, off highs of 142.84.
USD/JPY was down 0.36% to 103.90 during late Asian trade after rising as high as 104.35 earlier, the highest level since October 2008.
The pair was likely to find support at 103.60 and resistance at 104.35.
The Federal Reserve announced Wednesday that it would reduce its USD85 billion-a-month bond buying program by USD10 billion in January. In his last press conference as Fed Chairman Ben Bernanke said the economy was continuing to make progress.
The U.S. central bank reiterated that interest rates are likely to remain low even after the unemployment rate drops below 6.5%, the threshold at which the Fed has previously said it would start to consider rate increases.
The euro was steady close to two week lows against the dollar, with EUR/USD falling to lows of 1.3648, the weakest since December 6. The pair was last up 0.02% to 1.3685.
Elsewhere, the euro pulled back from five year highs against the yen, with EUR/JPY down 0.33% to 142.22, off highs of 142.84.