Investing.com - The dollar was steady close to one-week highs against the yen on Wednesday as investors positioned ahead of the conclusion of the Federal Reserve’s latest policy meeting later in the trading day.
USD/JPY hit 98.27 during late Asian trade, the session high; the pair subsequently consolidated at 98.23, edging up 0.06%.
The pair was likely to find support at 97.45, Tuesday’s low and resistance at 98.70, the high of October 15.
The dollar was supported by the view that markets have already priced in expectations that the Fed will make no changes to its USD85 billion-a-month asset purchase program on Wednesday.
Many investors expect the Fed to maintain its stimulus program well into the first quarter of next year, in order to safeguard the fragile economic recovery in the wake of this month’s 16-day government shutdown.
The U.S. was to release data on private sector payrolls later Wednesday, ahead of the U.S. employment report for October, due for release on November 8.
The yen was little changed against the euro, with EUR/JPY inching up 0.03% to 135.00.
Elsewhere, the euro was little changed against the dollar, holding off Friday’s 23-month highs, with EUR/USD dipping 0.01% to 1.3743.
USD/JPY hit 98.27 during late Asian trade, the session high; the pair subsequently consolidated at 98.23, edging up 0.06%.
The pair was likely to find support at 97.45, Tuesday’s low and resistance at 98.70, the high of October 15.
The dollar was supported by the view that markets have already priced in expectations that the Fed will make no changes to its USD85 billion-a-month asset purchase program on Wednesday.
Many investors expect the Fed to maintain its stimulus program well into the first quarter of next year, in order to safeguard the fragile economic recovery in the wake of this month’s 16-day government shutdown.
The U.S. was to release data on private sector payrolls later Wednesday, ahead of the U.S. employment report for October, due for release on November 8.
The yen was little changed against the euro, with EUR/JPY inching up 0.03% to 135.00.
Elsewhere, the euro was little changed against the dollar, holding off Friday’s 23-month highs, with EUR/USD dipping 0.01% to 1.3743.