Investing.com – The U.S. dollar was down against the yen on Wednesday, trading close to the pair’s all-time low amid speculation the Federal Reserve would announce fresh measures to shore up U.S. growth later in the day.
USD/JPY hit 76.12 during late Asian trade, the pair’s lowest since August 19; the pair subsequently consolidated at 76.32, shedding 0.15%.
The pair was likely to find support at 75.94, the low of August 19 and the pair’s all-time low and resistance at 76.75, Monday’s high.
The Fed’s Open Market Committee was to conclude its two-day policy meeting later in the day, with Chairman Ben Bernanke expected to announce plans to replace short-term Treasuries with long-term bonds, in a move known as Operation Twist.
Elsewhere, concerns over the debt crisis in the euro zone eased after Greek Finance Minister Evangelos Venizelos said “good progress” had been made in a second round of talks with the European Union and International Monetary Fund on Tuesday and added that talks would continue this weekend.
The dollar remained supported amid concerns that the yen’s gains could prompt an intervention to weaken the currency. Japanese Finance Minister Jun Azumi said earlier that he was closely watching markets and remained ready to take “bold” action on currencies if needed.
The yen was also higher against the euro, with EUR/JPY shedding 0.30% to hit 104.42.
Also Wednesday, the U.S. was to publish industry data on existing home sales.
USD/JPY hit 76.12 during late Asian trade, the pair’s lowest since August 19; the pair subsequently consolidated at 76.32, shedding 0.15%.
The pair was likely to find support at 75.94, the low of August 19 and the pair’s all-time low and resistance at 76.75, Monday’s high.
The Fed’s Open Market Committee was to conclude its two-day policy meeting later in the day, with Chairman Ben Bernanke expected to announce plans to replace short-term Treasuries with long-term bonds, in a move known as Operation Twist.
Elsewhere, concerns over the debt crisis in the euro zone eased after Greek Finance Minister Evangelos Venizelos said “good progress” had been made in a second round of talks with the European Union and International Monetary Fund on Tuesday and added that talks would continue this weekend.
The dollar remained supported amid concerns that the yen’s gains could prompt an intervention to weaken the currency. Japanese Finance Minister Jun Azumi said earlier that he was closely watching markets and remained ready to take “bold” action on currencies if needed.
The yen was also higher against the euro, with EUR/JPY shedding 0.30% to hit 104.42.
Also Wednesday, the U.S. was to publish industry data on existing home sales.