Investing.com – The U.S. dollar was up against the yen on Thursday, rising to hit a 2-day high, amid mounting speculation that Japanese authorities planned to take action to curb the yen's recent gains.
USD/JPY hit 84.89 during European morning trade, the pair’s highest since August 24; the pair subsequently consolidated at 84.71, gaining 0.17%.
The pair was likely to find support at 84.02, Wednesday’s low, and resistance at 85.18, the high of August 24.
On Wednesday, Japanese Prime Minister Naoto Kan told business leaders that he was in close contact with both the finance ministry and the central bank about the possibility of intervention; however he refused to comment publically on the matter.
The yen was also down against the euro, with EUR/JPY gaining 0.63% to hit 107.76.
Later in the day, the U.S. was to produce key weekly data on initial jobless claims.
USD/JPY hit 84.89 during European morning trade, the pair’s highest since August 24; the pair subsequently consolidated at 84.71, gaining 0.17%.
The pair was likely to find support at 84.02, Wednesday’s low, and resistance at 85.18, the high of August 24.
On Wednesday, Japanese Prime Minister Naoto Kan told business leaders that he was in close contact with both the finance ministry and the central bank about the possibility of intervention; however he refused to comment publically on the matter.
The yen was also down against the euro, with EUR/JPY gaining 0.63% to hit 107.76.
Later in the day, the U.S. was to produce key weekly data on initial jobless claims.