Investing.com – The U.S. dollar fell against the yen on Wednesday, trading within striking distance of the pair’s all-time low, as speculation that Japan may intervene in the foreign exchange market to weaken the yen intensified.
USD/JPY hit 75.87 during late Asian trade; the daily low; the pair subsequently consolidated at 75.89, shedding 0.26%.
The pair was likely to find short-term support at 75.73, Tuesday’s low and the pair’s record low and resistance at 76.29, Tuesday’s high.
The yen strengthened broadly as expectations that European leaders would make progress on a plan to contain the debt crisis in the region were hit after a meeting of euro zone finance ministers, scheduled to take place ahead of a European Union summit later in the day was cancelled.
Japan's finance minister Jun Azumi said earlier that he would not rule out any possible measure to curb the appreciation of the yen and added that he has instructed finance ministry officials to "make preparations so that we can act in response to anything."
The yen was fractionally higher against the euro, with EUR/JPY dipping 0.05% to hit 105.75.
Later Wednesday, the U.S. was to release government data on durable goods orders, as well as official data on new home sales and crude oil stockpiles.
USD/JPY hit 75.87 during late Asian trade; the daily low; the pair subsequently consolidated at 75.89, shedding 0.26%.
The pair was likely to find short-term support at 75.73, Tuesday’s low and the pair’s record low and resistance at 76.29, Tuesday’s high.
The yen strengthened broadly as expectations that European leaders would make progress on a plan to contain the debt crisis in the region were hit after a meeting of euro zone finance ministers, scheduled to take place ahead of a European Union summit later in the day was cancelled.
Japan's finance minister Jun Azumi said earlier that he would not rule out any possible measure to curb the appreciation of the yen and added that he has instructed finance ministry officials to "make preparations so that we can act in response to anything."
The yen was fractionally higher against the euro, with EUR/JPY dipping 0.05% to hit 105.75.
Later Wednesday, the U.S. was to release government data on durable goods orders, as well as official data on new home sales and crude oil stockpiles.