Investing.com - The dollar gained against the yen on Wednesday after the Bank of Japan took measures to water down demand for its currency and halt its strengthening trend.
In Asian trading on Wednesday, USD/JPY hit 78.52, up 0.10%, up from a session low of 78.36 and off from a high of 78.66.
The pair was likely to find support at 77.04, Thursday's low, and resistance at 78.66, the earlier session high.
The Bank of Japan added JPY10 trillion to an asset-purchase program and set an inflation goal as a move to halt the currency's strengthening trend.
The move won market applause.
"The yen is retreating and the world is moving toward more monetary easing as shown by the BOJ, supporting equities," said Hiroichi Nishi, an equities manager in Tokyo at SMBC Nikko Securities, according to Bloomberg.
The yen, meanwhile, was down against both the euro and the Australian dollar, with EUR/JPY gaining 0.26% to 103.29 and AUD/JPY gaining 0.42% at 84.22
Later Wednesday, the U.S. is to release a report on the Empire State Manufacturing index, a leading indicator of economic health, followed by data on net foreign purchases of long-term securities.
The Federal Reserve is set to publish data on its capacity utilization rate, an important indicator of consumer inflation, as well as on industrial production before releasing the minutes of its latest policy meeting later in the day.
The U.S. will also unveil data on its crude oil and gasoline inventories.
Australia, meanwhile, will release unemployment data.
In Asian trading on Wednesday, USD/JPY hit 78.52, up 0.10%, up from a session low of 78.36 and off from a high of 78.66.
The pair was likely to find support at 77.04, Thursday's low, and resistance at 78.66, the earlier session high.
The Bank of Japan added JPY10 trillion to an asset-purchase program and set an inflation goal as a move to halt the currency's strengthening trend.
The move won market applause.
"The yen is retreating and the world is moving toward more monetary easing as shown by the BOJ, supporting equities," said Hiroichi Nishi, an equities manager in Tokyo at SMBC Nikko Securities, according to Bloomberg.
The yen, meanwhile, was down against both the euro and the Australian dollar, with EUR/JPY gaining 0.26% to 103.29 and AUD/JPY gaining 0.42% at 84.22
Later Wednesday, the U.S. is to release a report on the Empire State Manufacturing index, a leading indicator of economic health, followed by data on net foreign purchases of long-term securities.
The Federal Reserve is set to publish data on its capacity utilization rate, an important indicator of consumer inflation, as well as on industrial production before releasing the minutes of its latest policy meeting later in the day.
The U.S. will also unveil data on its crude oil and gasoline inventories.
Australia, meanwhile, will release unemployment data.