Investing.com - The dollar was higher against the yen on Wednesday amid ongoing speculation over whether the Federal Reserve will announce any reduction to its stimulus program following its policy meeting later in the trading day.
USD/JPY hit session highs of 103.03 and was last up 0.30% to 102.97, holding below the five year peaks of 103.91 struck on Friday.
The pair was likely to find support at 102.49, Tuesday’s low and resistance at 103.28, Monday’s high.
Investors remained wary ahead of the outcome of the Fed’s final policy meeting of the year, with some expecting the bank to announce a small reduction in the pace of its USD85 billion-a-month asset purchase program.
However, many believe that the bank will wait until early next year to start rolling back stimulus, despite recent indications the U.S. economic recovery is deepening.
In Japan, data on Wednesday showed that the trade deficit widened to JPY1.29 trillion in November, increasing 35% from the same month last year as imports rose 21.1% and exports increased by 18.4%.
EUR/USD edged up 0.07% to 1.3775, not far from the two month high of 1.3809 struck on December 11.
Elsewhere, the euro was higher against the yen, with EUR/JPY rising 0.35% to 141.84, re-approaching the five year highs of 142.81 hit on Friday.
USD/JPY hit session highs of 103.03 and was last up 0.30% to 102.97, holding below the five year peaks of 103.91 struck on Friday.
The pair was likely to find support at 102.49, Tuesday’s low and resistance at 103.28, Monday’s high.
Investors remained wary ahead of the outcome of the Fed’s final policy meeting of the year, with some expecting the bank to announce a small reduction in the pace of its USD85 billion-a-month asset purchase program.
However, many believe that the bank will wait until early next year to start rolling back stimulus, despite recent indications the U.S. economic recovery is deepening.
In Japan, data on Wednesday showed that the trade deficit widened to JPY1.29 trillion in November, increasing 35% from the same month last year as imports rose 21.1% and exports increased by 18.4%.
EUR/USD edged up 0.07% to 1.3775, not far from the two month high of 1.3809 struck on December 11.
Elsewhere, the euro was higher against the yen, with EUR/JPY rising 0.35% to 141.84, re-approaching the five year highs of 142.81 hit on Friday.