Investing.com - The dollar was steady at six-month highs against the broadly weaker yen on Monday as expectations that the Bank of Japan will expand its stimulus program next year continued to pressure the yen lower.
USD/JPY edged up 0.06% to 102.49, just below Friday’s high of 102.60, the loftiest level since May 23.
The pair was likely to find support at 102.10, Friday’s low and resistance at 103.00.
The yen remained under pressure on the view that the BoJ will implement further stimulus measures in order to meet its target of 2% inflation by 2015.
Earlier Monday, BoJ Governor Haruhiko Kuroda pledged to counter any new downside risks to the bank’s inflation goal, saying the BoJ would act by "adjusting monetary policy without hesitation."
The euro trading close to five year highs against the yen, with EUR/JPY easing up 0.15% to 139.35, near Friday’s high of 139.69.
The single currency remained supported after slightly stronger than forecast euro zone inflation data for November on Friday eased concerns that the bloc is slipping into deflation.
Elsewhere, the euro edged higher against the dollar, with EUR/USD easing up 0.08% to 1.3602.
Market sentiment was boosted after data on Monday showed that the final reading of China’s HSBC manufacturing PMI came in at 50.8 for November, slightly above forecasts for 50.5, and beating the flash estimate of 50.4, but was still slightly lower than October's final reading of 50.9.
USD/JPY edged up 0.06% to 102.49, just below Friday’s high of 102.60, the loftiest level since May 23.
The pair was likely to find support at 102.10, Friday’s low and resistance at 103.00.
The yen remained under pressure on the view that the BoJ will implement further stimulus measures in order to meet its target of 2% inflation by 2015.
Earlier Monday, BoJ Governor Haruhiko Kuroda pledged to counter any new downside risks to the bank’s inflation goal, saying the BoJ would act by "adjusting monetary policy without hesitation."
The euro trading close to five year highs against the yen, with EUR/JPY easing up 0.15% to 139.35, near Friday’s high of 139.69.
The single currency remained supported after slightly stronger than forecast euro zone inflation data for November on Friday eased concerns that the bloc is slipping into deflation.
Elsewhere, the euro edged higher against the dollar, with EUR/USD easing up 0.08% to 1.3602.
Market sentiment was boosted after data on Monday showed that the final reading of China’s HSBC manufacturing PMI came in at 50.8 for November, slightly above forecasts for 50.5, and beating the flash estimate of 50.4, but was still slightly lower than October's final reading of 50.9.