Investing.com – The U.S. dollar drifted down against the yen on Monday, hitting a fresh 2-day low, as markets in Japan remained closed for a Bank Holiday, making fresh Japanese intervention appear unlikely.
USD/JPY hit 85.51 during European morning trade, the pair's lowest since September 16; the pair subsequently consolidated at 85.64, shedding 0.25%.
The pair was likely to find support at 83.99, the low of September 2 and short-term resistance at 85.92, last Friday's high.
On Friday, Japan's finance minister Yoshihiko Noda indicated that a persistently strong yen constituted the biggest challenge to Japan's economy and threatened to intervene in the currency markets again if necessary.
"Our basic stance is that we will take decisive steps, including intervention, if necessary, and I'd like to maintain this stance," minister Noda said.
Meanwhile, the yen was down against the euro, with EUR/JPY gaining 0.13% to hit 112.20.
Later in the day, the U.S. was to publish industry data on home sales.
USD/JPY hit 85.51 during European morning trade, the pair's lowest since September 16; the pair subsequently consolidated at 85.64, shedding 0.25%.
The pair was likely to find support at 83.99, the low of September 2 and short-term resistance at 85.92, last Friday's high.
On Friday, Japan's finance minister Yoshihiko Noda indicated that a persistently strong yen constituted the biggest challenge to Japan's economy and threatened to intervene in the currency markets again if necessary.
"Our basic stance is that we will take decisive steps, including intervention, if necessary, and I'd like to maintain this stance," minister Noda said.
Meanwhile, the yen was down against the euro, with EUR/JPY gaining 0.13% to hit 112.20.
Later in the day, the U.S. was to publish industry data on home sales.