Investing.com – The yen rose against the U.S. dollar on Thursday, on renewed speculation that the euro zone sovereign debt crisis will undermine the global economic recovery ahead of a European Union summit.
USD/JPY hit 91.18 during late Asian trade, the daily high; the pair subsequently consolidated at around 91.31, gaining 0.14%.
The pair was likely to find support at 89.89, the low of May 27 and resistance at 92.88, the high of June 4.
Later Thursday, European Union leaders are attending a summit where it is expected they will agree on new financial-market regulations, including a bank levy to ensure that any future bail-out is financed mainly by banks rather than taxpayers.
The yen was also up against the euro, with EUR/JPY shedding 0.39% to hit 112.13.
Later in the day, the U.S. was to publish key CPI data as well as a report on initial jobless claims. A closely watched report on manufacturing activity in Philadelphia was also due to be released.
USD/JPY hit 91.18 during late Asian trade, the daily high; the pair subsequently consolidated at around 91.31, gaining 0.14%.
The pair was likely to find support at 89.89, the low of May 27 and resistance at 92.88, the high of June 4.
Later Thursday, European Union leaders are attending a summit where it is expected they will agree on new financial-market regulations, including a bank levy to ensure that any future bail-out is financed mainly by banks rather than taxpayers.
The yen was also up against the euro, with EUR/JPY shedding 0.39% to hit 112.13.
Later in the day, the U.S. was to publish key CPI data as well as a report on initial jobless claims. A closely watched report on manufacturing activity in Philadelphia was also due to be released.