Investing.com – The U.S. dollar was down against the yen on Wednesday, falling back to the 83.00 level for the second time since Japan’s September 15 intervention in currency markets.
USD/JPY hit 83.00 during European morning trade, a daily low; the pair subsequently consolidated at 83.04, shedding 0.20%.
The pair was likely to find support at 82.92, the low of September 15 and a 15-year low and resistance at 83.97, Tuesday’s high.
On Tuesday the Bank of Japan lowered the range on its benchmark interest rate and said it would create a 5 trillion yen fund to buy assets to boost the economy. The move added to fears that the Fed would begin a fresh round of asset purchases.
On Monday, Fed Chairman Ben Bernanke said that the bank aided the U.S. economy through its USD 1.75 trillion purchases of mortgage debt and Treasuries that ended in March 2010 and that more buying would help further.
The yen was also up against the euro, with EUR/JPY shedding 0.07% to hit 115.09.
Later in the day, the U.S. was to release ADP non-farm payrolls data.
USD/JPY hit 83.00 during European morning trade, a daily low; the pair subsequently consolidated at 83.04, shedding 0.20%.
The pair was likely to find support at 82.92, the low of September 15 and a 15-year low and resistance at 83.97, Tuesday’s high.
On Tuesday the Bank of Japan lowered the range on its benchmark interest rate and said it would create a 5 trillion yen fund to buy assets to boost the economy. The move added to fears that the Fed would begin a fresh round of asset purchases.
On Monday, Fed Chairman Ben Bernanke said that the bank aided the U.S. economy through its USD 1.75 trillion purchases of mortgage debt and Treasuries that ended in March 2010 and that more buying would help further.
The yen was also up against the euro, with EUR/JPY shedding 0.07% to hit 115.09.
Later in the day, the U.S. was to release ADP non-farm payrolls data.