Investing.com - The dollar was almost unchanged against the yen on Tuesday, as investors remained cautious ahead of the conclusion of the Federal Reserve’s two-day policy meeting on Wednesday.
USD/JPY hit 99.36 during late Asian trade, the highest since Friday; the pair subsequently consolidated at 99.10, inching up 0.04%.
The pair was likely to find support at 98.44, Monday’s low and resistance at 99.97, Friday’s high.
Investors remained cautious ahead of the outcome of the Fed’s policy meeting after a recent series of lackluster U.S. data raised doubts over whether the bank will announce plans to start rolling back its USD85 billion-a-month bond buying program.
The dollar fell against the other major currencies on Monday after former U.S. Treasury Secretary Lawrence Summers withdrew from the contest to succeed Ben Bernanke as the next chairman of the U.S. central bank.
Summers’ was perceived as being likely to unwind economic stimulus measures more aggressively than the other main contender for the post, Janet Yellen.
Elsewhere, the yen was lower against the euro, with EUR/JPY rising 0.21% to 132.36.
The ZEW Institute was to release its closely watched report on German economic sentiment later Tuesday, while the U.S. was to release data on consumer price inflation.
USD/JPY hit 99.36 during late Asian trade, the highest since Friday; the pair subsequently consolidated at 99.10, inching up 0.04%.
The pair was likely to find support at 98.44, Monday’s low and resistance at 99.97, Friday’s high.
Investors remained cautious ahead of the outcome of the Fed’s policy meeting after a recent series of lackluster U.S. data raised doubts over whether the bank will announce plans to start rolling back its USD85 billion-a-month bond buying program.
The dollar fell against the other major currencies on Monday after former U.S. Treasury Secretary Lawrence Summers withdrew from the contest to succeed Ben Bernanke as the next chairman of the U.S. central bank.
Summers’ was perceived as being likely to unwind economic stimulus measures more aggressively than the other main contender for the post, Janet Yellen.
Elsewhere, the yen was lower against the euro, with EUR/JPY rising 0.21% to 132.36.
The ZEW Institute was to release its closely watched report on German economic sentiment later Tuesday, while the U.S. was to release data on consumer price inflation.