Investing.com - The dollar edged higher against the yen on Monday, following the release of weaker-than-expected Japanese trade data, while speculation over when the Federal Reserve will start to unwind stimulus measures continued.
USD/JPY hit 97.86 during late Asian trade, the highest since Thursday; the pair subsequently consolidated at 97.66, edging up 0.06%.
The pair was likely to find support at 97.04, Friday’s low and resistance at 98.33, the high of August 13.
The yen dipped after official data showed that Japan posted a larger-than-expected trade deficit of JPY1.024 trillion in July. Exports rose 12.2% on a year-over-year basis, boosted by the weaker yen, while imports climbed 19.6%.
Investors were looking ahead to the minutes of the Fed’s July meeting, due out on Wednesday, for further indications as to when the central bank may start to unwind its USD85 billion-a-month asset purchase program.
Expectations that the Fed may begin tapering as soon as September were boosted late last week after data showed that U.S. weekly jobless claims fell to an almost six year low.
Elsewhere, the yen was almost unchanged against the euro, with EUR/JPY inching up 0.02% to 130.11.
USD/JPY hit 97.86 during late Asian trade, the highest since Thursday; the pair subsequently consolidated at 97.66, edging up 0.06%.
The pair was likely to find support at 97.04, Friday’s low and resistance at 98.33, the high of August 13.
The yen dipped after official data showed that Japan posted a larger-than-expected trade deficit of JPY1.024 trillion in July. Exports rose 12.2% on a year-over-year basis, boosted by the weaker yen, while imports climbed 19.6%.
Investors were looking ahead to the minutes of the Fed’s July meeting, due out on Wednesday, for further indications as to when the central bank may start to unwind its USD85 billion-a-month asset purchase program.
Expectations that the Fed may begin tapering as soon as September were boosted late last week after data showed that U.S. weekly jobless claims fell to an almost six year low.
Elsewhere, the yen was almost unchanged against the euro, with EUR/JPY inching up 0.02% to 130.11.