Investing.com - The dollar pushed higher against the yen on Wednesday as investors awaited the release of minutes from the Federal Reserve’s July meeting for further indications on when the bank may start to phase out stimulus measures.
USD/JPY hit 97.68 during late Asian trade, the session high; the pair subsequently consolidated at 97.56, gaining 0.31%.
The pair was likely to find support at 96.90, Tuesday’s low and a one-week low and resistance at 98.40, the high of August 14.
Market sentiment has been hit by mounting expectations that the Fed may start to unwind its USD85 billion-a-month asset purchase program as soon as next month.
Fed Chairman Ben Bernanke has said that the decision to start tapering will depend on whether economic data is strong enough.
The yen briefly moved higher against the dollar earlier in the session after Japan’s Nuclear Regulation Authority said it wants to raise the severity level of a radioactive water leak at the Fukushima plant from one to three on a scale that goes up to seven.
Elsewhere, the yen was lower against the euro, with EUR/JPY easing up 0.17% to 130.71.
The U.S. was to release private sector data on new home sales later Wednesday.
USD/JPY hit 97.68 during late Asian trade, the session high; the pair subsequently consolidated at 97.56, gaining 0.31%.
The pair was likely to find support at 96.90, Tuesday’s low and a one-week low and resistance at 98.40, the high of August 14.
Market sentiment has been hit by mounting expectations that the Fed may start to unwind its USD85 billion-a-month asset purchase program as soon as next month.
Fed Chairman Ben Bernanke has said that the decision to start tapering will depend on whether economic data is strong enough.
The yen briefly moved higher against the dollar earlier in the session after Japan’s Nuclear Regulation Authority said it wants to raise the severity level of a radioactive water leak at the Fukushima plant from one to three on a scale that goes up to seven.
Elsewhere, the yen was lower against the euro, with EUR/JPY easing up 0.17% to 130.71.
The U.S. was to release private sector data on new home sales later Wednesday.