Investing.com – The yen advanced to a 12-day high against the U.S. dollar on Monday, as expectations that the U.S. Federal Reserve will trail behind other central banks in raising interest rates continued to weigh on the greenback.
USD/JPY hit 82.86 during lat Asian trade, the pair’s lowest since March 31; the pair subsequently consolidated at 82.92, shedding 0.26%.
The pair was likely to find support at 82.35, the low of March 30 and resistance at 83.77, Friday’s high.
This month the yen has regained some of the ground lost after the joint-yen selling intervention by the Group of Seven industrialized nations on March 18, as profit taking and decreased volatility supported the currency.
Meanwhile, economic data late last week painted a mixed picture of the U.S. economic recovery and underlined the view that the Fed is likely to keep monetary policy loose in order to continue to support U.S. growth.
The yen was also higher against the euro, with EUR/JPY shedding 0.61% to hit 119.22.
Later in the day, the euro zone was to publish official data on consumer confidence, while in the U.S., Federal Reserve Bank of Dallas President Richard Fisher was due to speak at two events in Atlanta.
USD/JPY hit 82.86 during lat Asian trade, the pair’s lowest since March 31; the pair subsequently consolidated at 82.92, shedding 0.26%.
The pair was likely to find support at 82.35, the low of March 30 and resistance at 83.77, Friday’s high.
This month the yen has regained some of the ground lost after the joint-yen selling intervention by the Group of Seven industrialized nations on March 18, as profit taking and decreased volatility supported the currency.
Meanwhile, economic data late last week painted a mixed picture of the U.S. economic recovery and underlined the view that the Fed is likely to keep monetary policy loose in order to continue to support U.S. growth.
The yen was also higher against the euro, with EUR/JPY shedding 0.61% to hit 119.22.
Later in the day, the euro zone was to publish official data on consumer confidence, while in the U.S., Federal Reserve Bank of Dallas President Richard Fisher was due to speak at two events in Atlanta.