Investing.com - The dollar rose to a two-month high against the yen on Tuesday amid mounting expectations that the Federal Reserve will soon start to taper stimulus measures after last week’s strong U.S. jobs report.
USD/JPY rose 0.50% to 99.64 from Monday’s close of 99.14 during late Asian trade, re-approaching the 100 level last hit on September 11.
The pair was likely to find support at 99.09, the session low and resistance at 100.00.
Demand for the dollar continued to be underpinned after official data last week showed that the U.S. economy added 204,000 jobs in October, far more than the 125,000 forecast by economists.
The upbeat data spurred heightened speculation that the Fed may start winding down its USD85 billion-a-month asset purchase program as soon as its next monthly meeting in December.
The yen was also lower against the euro, with EUR/JPY rising 0.36% to 133.41.
The euro remained under pressure in the wake of a broad based selloff last Thursday when the European Central Bank surprised investors with a rate cut.
Data released on Tuesday showed that the annual rate of inflation in Germany slowed to 1.2% in October, the lowest level in more than three years, from 1.4% in September on falling oil prices.
Elsewhere, the euro was lower against the dollar, with EUR/USD sliding 0.15% to 1.3385, still holding above Thursday’s seven week lows of 1.3294.
USD/JPY rose 0.50% to 99.64 from Monday’s close of 99.14 during late Asian trade, re-approaching the 100 level last hit on September 11.
The pair was likely to find support at 99.09, the session low and resistance at 100.00.
Demand for the dollar continued to be underpinned after official data last week showed that the U.S. economy added 204,000 jobs in October, far more than the 125,000 forecast by economists.
The upbeat data spurred heightened speculation that the Fed may start winding down its USD85 billion-a-month asset purchase program as soon as its next monthly meeting in December.
The yen was also lower against the euro, with EUR/JPY rising 0.36% to 133.41.
The euro remained under pressure in the wake of a broad based selloff last Thursday when the European Central Bank surprised investors with a rate cut.
Data released on Tuesday showed that the annual rate of inflation in Germany slowed to 1.2% in October, the lowest level in more than three years, from 1.4% in September on falling oil prices.
Elsewhere, the euro was lower against the dollar, with EUR/USD sliding 0.15% to 1.3385, still holding above Thursday’s seven week lows of 1.3294.