Investing.com - The dollar edged lower against the yen on Wednesday but remained close to two-month highs amid heightened expectations that the Federal Reserve could start scaling back stimulus before the end of the year.
USD/JPY dipped 0.08% to 99.55 in late Asian trade, holding just below the two month high of 99.79 struck on Tuesday.
The pair was likely to find support at 98.91, Monday’s low and resistance at the 100 level last hit on September 11.
Last week’s stronger than forecast U.S. nonfarm payrolls report prompted investors to bring forward expectations for a reduction in the Fed’s USD85 billion-a-month asset purchase program.
Investors were turning their attention to Thursday’s Senate hearing to confirm Janet Yellen as the first chairwoman of the Federal Reserve, for indications on the future course of U.S. monetary policy.
The yen was almost unchanged against the euro, with EUR/JPY edging down 0.06% to 133.79.
The euro remained supported, holding onto gains made in the wake of last week’s broad based selloff when the European Central Bank unexpectedly cut rates to a record low 0.25%.
Elsewhere, the euro was steady against the dollar, with EUR/USD inching up 0.01% to 1.3436, having fallen to seven week lows of 1.3294 last Thursday.
USD/JPY dipped 0.08% to 99.55 in late Asian trade, holding just below the two month high of 99.79 struck on Tuesday.
The pair was likely to find support at 98.91, Monday’s low and resistance at the 100 level last hit on September 11.
Last week’s stronger than forecast U.S. nonfarm payrolls report prompted investors to bring forward expectations for a reduction in the Fed’s USD85 billion-a-month asset purchase program.
Investors were turning their attention to Thursday’s Senate hearing to confirm Janet Yellen as the first chairwoman of the Federal Reserve, for indications on the future course of U.S. monetary policy.
The yen was almost unchanged against the euro, with EUR/JPY edging down 0.06% to 133.79.
The euro remained supported, holding onto gains made in the wake of last week’s broad based selloff when the European Central Bank unexpectedly cut rates to a record low 0.25%.
Elsewhere, the euro was steady against the dollar, with EUR/USD inching up 0.01% to 1.3436, having fallen to seven week lows of 1.3294 last Thursday.