Investing.com - The dollar advanced to four-month highs against the yen on Thursday after the minutes of the Federal Reserve’s latest meeting indicated that stimulus tapering could begin in the next few months.
USD/JPY climbed 0.74% to 100.77, the highest level since July 19, up from 100.02 on Wednesday.
The pair was likely to find support at 99.99, the session low and resistance at 101.20.
According to the minutes of the Fed’s October meeting, policymakers said they could start scaling back the USD85 billion-a-month asset purchase program in the “coming months” if the economy continues to improve as expected.
The Bank of Japan kept monetary policy on hold following its meeting on Thursday, as it continues efforts to meet its 2% inflation target.
Elsewhere, data on Thursday showed that China’s HSBC manufacturing index ticked down to 50.4 in November, from a final reading of 50.9 in October, missing forecasts for a reading of 50.8.
The euro was higher against the yen, with EUR/JPY rising 0.68% to 135.31, holding below the four-year high of 135.93 struck on Wednesday.
The single currency fell sharply on Wednesday after reports in Bloomberg that the European Central Bank could cut deposit rates to below zero.
Elsewhere, the euro slipped to one-week lows against the dollar, with EUR/USD edging down 0.09% to 1.3427.
Investors were looking ahead to euro zone data on manufacturing and service sector activity later in the session.
USD/JPY climbed 0.74% to 100.77, the highest level since July 19, up from 100.02 on Wednesday.
The pair was likely to find support at 99.99, the session low and resistance at 101.20.
According to the minutes of the Fed’s October meeting, policymakers said they could start scaling back the USD85 billion-a-month asset purchase program in the “coming months” if the economy continues to improve as expected.
The Bank of Japan kept monetary policy on hold following its meeting on Thursday, as it continues efforts to meet its 2% inflation target.
Elsewhere, data on Thursday showed that China’s HSBC manufacturing index ticked down to 50.4 in November, from a final reading of 50.9 in October, missing forecasts for a reading of 50.8.
The euro was higher against the yen, with EUR/JPY rising 0.68% to 135.31, holding below the four-year high of 135.93 struck on Wednesday.
The single currency fell sharply on Wednesday after reports in Bloomberg that the European Central Bank could cut deposit rates to below zero.
Elsewhere, the euro slipped to one-week lows against the dollar, with EUR/USD edging down 0.09% to 1.3427.
Investors were looking ahead to euro zone data on manufacturing and service sector activity later in the session.