Investing.com – The U.S. dollar was down against the yen on Tuesday, re-approaching Friday’s 15-year low, as Japanese authorities indicated that they were poised to take “bold” action if the yen continued to strengthen.
USD/JPY hit 81.81 during European morning trade, a fresh daily low; the pair subsequently consolidated at 81.95, shedding 0.13%.
The pair was likely to find support at 81.38, Friday’s low and a 15-year low and resistance at 83.02, the high of October 7.
Earlier in the day, Japanese Finance Minister Yoshihiko Noda said his government “will watch currencies with great interest and will take bold action, which includes intervention, if needed.”
The message was reiterated by Economy Minister Banri Kaieda who said that an abrupt strengthening of the yen could hurt the nation’s recovery and that there was no change in the government’s stance to take decisive measures when necessary.
The yen was also up against the euro, with EUR/JPY falling 0.64% to hit 113.14.
Also Tuesday, official data showed that Japanese consumer confidence fell unexpectedly in September, down for the third consecutive month.
USD/JPY hit 81.81 during European morning trade, a fresh daily low; the pair subsequently consolidated at 81.95, shedding 0.13%.
The pair was likely to find support at 81.38, Friday’s low and a 15-year low and resistance at 83.02, the high of October 7.
Earlier in the day, Japanese Finance Minister Yoshihiko Noda said his government “will watch currencies with great interest and will take bold action, which includes intervention, if needed.”
The message was reiterated by Economy Minister Banri Kaieda who said that an abrupt strengthening of the yen could hurt the nation’s recovery and that there was no change in the government’s stance to take decisive measures when necessary.
The yen was also up against the euro, with EUR/JPY falling 0.64% to hit 113.14.
Also Tuesday, official data showed that Japanese consumer confidence fell unexpectedly in September, down for the third consecutive month.