Investing.com - The dollar slid lower against the yen on Wednesday, but remained above 11-week lows as emerging markets steadied in the wake of a broad based selloff.
USD/JPY was down 0.37% to 101.26, holding above the 11-week lows of 100.74 reached on Tuesday.
The pair was likely to find support at 100.74 and resistance at 101.90.
Emerging markets rebounded on Tuesday, recovering from their sharp selloff in the past two weeks, with the Turkish lira and the South African rand rising more than 1% against the dollar.
Emerging markets have been hard hit by concerns over the impact of reductions to the Federal Reserve’s stimulus program and worries over a possible slowdown in China.
The euro was also lower against the yen, with EUR/JPY down 0.40% to 136.85, not far from Monday’s 11-week lows of 136.21.
The common currency remained under pressure after data last week showing that the annual rate of inflation slowed in January fuelled fears that the European Central bank may tighten policy to stave off deflation, ahead of its upcoming policy meeting on Thursday.
Elsewhere, the euro edged lower against the dollar, with EUR/USD dipping 0.07% to 1.3508.