Investing.com - The dollar was higher against the yen on Wednesday as market sentiment recovered after stronger-than-expected U.S. data eased concerns over the outlook for the U.S. economic recovery.
USD/JPY hit 98.44 during late Asian trade, the pair’s highest since Monday; the pair subsequently consolidated at 98.28, rising 0.75%.
The pair was likely to find support at 97.51, the session low and resistance at 99.79, the high of April 12.
Data on Tuesday showed that U.S. industrial production and housing starts rose at a faster-than-forecast pace in March, easing concerns that the U.S. economic recovery is faltering.
The yen retreated from multi-year lows against the dollar and the euro earlier in the week after weaker-than-expected Chinese first quarter growth and historic falls in gold prices enhanced the safe haven appeal of the Japanese currency.
Investors were looking ahead to a meeting of finance ministers and central bank heads from the Group of 20 nations on Thursday and Friday, amid speculation over whether Japan will face criticism over the Bank of Japan’s aggressive easing program.
The yen was sharply lower against the euro, with EUR/JPY advancing 0.82% to 129.57.
Germany was to hold an auction of 10-year government bonds later in the day.
USD/JPY hit 98.44 during late Asian trade, the pair’s highest since Monday; the pair subsequently consolidated at 98.28, rising 0.75%.
The pair was likely to find support at 97.51, the session low and resistance at 99.79, the high of April 12.
Data on Tuesday showed that U.S. industrial production and housing starts rose at a faster-than-forecast pace in March, easing concerns that the U.S. economic recovery is faltering.
The yen retreated from multi-year lows against the dollar and the euro earlier in the week after weaker-than-expected Chinese first quarter growth and historic falls in gold prices enhanced the safe haven appeal of the Japanese currency.
Investors were looking ahead to a meeting of finance ministers and central bank heads from the Group of 20 nations on Thursday and Friday, amid speculation over whether Japan will face criticism over the Bank of Japan’s aggressive easing program.
The yen was sharply lower against the euro, with EUR/JPY advancing 0.82% to 129.57.
Germany was to hold an auction of 10-year government bonds later in the day.