Investing.com - The dollar turned lower against the yen on Thursday, pulling away from three-week highs hit after the U.S. Congress passed a bill to reopen the government and avoid a U.S. sovereign debt default.
USD/JPY pulled back from 98.99, the highest since September 27, to hit 98.43 during late Asian trade, down 0.34% for the day.
The pair was likely to find support at 97.91, the low of October 11 and resistance at 98.99, the session high.
The dollar initially gained ground against the other major currencies amid relief over the last minute deal to raise the debt ceiling and reopen the government.
The deal will fund the government until January 15 and raise the government borrowing limit until February 7. Both sides also agreed to talks over broad budget issues in an attempt to reach a longer-term deal by December 13.
The agreement came with just hours to spare before the deadline to raise the USD16.7 trillion debt ceiling.
President Barack Obama signed the bill into law early on Thursday morning and pledged to begin reopening the government "immediately."
Investors remained concerned over the economic impact of the government shutdown and the possibility of another debt crisis, as the temporary solution does not resolve the underlying budgetary issues dividing Republicans and Democrats.
Elsewhere, the yen was higher against the euro, with EUR/JPY down 0.19% to 133.39.
The U.S. was to publish a report on initial jobless claims and the Philly Fed manufacturing index later Thursday.
USD/JPY pulled back from 98.99, the highest since September 27, to hit 98.43 during late Asian trade, down 0.34% for the day.
The pair was likely to find support at 97.91, the low of October 11 and resistance at 98.99, the session high.
The dollar initially gained ground against the other major currencies amid relief over the last minute deal to raise the debt ceiling and reopen the government.
The deal will fund the government until January 15 and raise the government borrowing limit until February 7. Both sides also agreed to talks over broad budget issues in an attempt to reach a longer-term deal by December 13.
The agreement came with just hours to spare before the deadline to raise the USD16.7 trillion debt ceiling.
President Barack Obama signed the bill into law early on Thursday morning and pledged to begin reopening the government "immediately."
Investors remained concerned over the economic impact of the government shutdown and the possibility of another debt crisis, as the temporary solution does not resolve the underlying budgetary issues dividing Republicans and Democrats.
Elsewhere, the yen was higher against the euro, with EUR/JPY down 0.19% to 133.39.
The U.S. was to publish a report on initial jobless claims and the Philly Fed manufacturing index later Thursday.