Investing.com – The U.S. dollar extended earlier gains against the yen on Wednesday, soaring to a fresh 12-day high, after Japan intervened in currency markets to halt the yen's recent sharp gains.
USD/JPY hit 85.77 during European afternoon trade, the pair's highest since August 30; the pair subsequently consolidated at 85.61, jumping 3.08%.
The pair was likely to find support at 82.92, Tuesday's low and short-term resistance at 85.89, the high of August 30.
A Japanese Ministry of Finance official indicated that the move would not be an end to Japans efforts to stem the yen's gains saying, "When foreign-exchange intervention changes rates, there will be new buyers and sellers and [we] respond to that continuously".
The yen was also down against the euro, with EUR/JPY leaping 3.10% to hit 111.26.
Earlier in the day, official data showed that an index of manufacturing conditions in New York State fell more-than-expected in September.
USD/JPY hit 85.77 during European afternoon trade, the pair's highest since August 30; the pair subsequently consolidated at 85.61, jumping 3.08%.
The pair was likely to find support at 82.92, Tuesday's low and short-term resistance at 85.89, the high of August 30.
A Japanese Ministry of Finance official indicated that the move would not be an end to Japans efforts to stem the yen's gains saying, "When foreign-exchange intervention changes rates, there will be new buyers and sellers and [we] respond to that continuously".
The yen was also down against the euro, with EUR/JPY leaping 3.10% to hit 111.26.
Earlier in the day, official data showed that an index of manufacturing conditions in New York State fell more-than-expected in September.