Investing.com - The U.S. dollar was steady against the yen on Wednesday, as markets were jittery ahead of an upcoming speech by Federal Reserve Chairman Ben Bernanke on Friday amid hopes for fresh interventions by world central banks.
USD/JPY hit 78.63 during early European trade, the daily high; the pair subsequently consolidated at 78.55, easing up 0.06%.
The pair was likely to find support at 78.27, the low of August 22 and resistance at 78.83, the high of August 27.
Sentiment slightly improved on Tuesday, after the European Central Bank said that its President Mario Draghi would not be attending an annual symposium in Jackson Hole, Wyoming, on Friday, due to his "heavy workload" in the next few days.
The unexpected announcement fuelled expectations that the ECB is working on policy measures to help stabilize the euro zone's sovereign debt markets, ahead of its next policy meeting on September 6.
The ECB president had been due to speak at the summit on Saturday, one day after a keenly anticipated speech by Federal Reserve Chairman Ben Bernanke, amid ongoing speculation over how close the U.S. central bank is to implementing more stimulus measures.
Investors were also eyeing the release of U.S. economic growth data later in the day, for further indications on the strength of the country’s economic recovery.
Meanwhile, demand for the safe haven yen remained supported after the Japanese government cut its view of the economy for the first time in 10 months on Tuesday, highlighting the vulnerability of Japan's economic recovery, as concerns over the impact of the euro zone debt crisis weigh on demand in key export markets.
Elsewhere, the yen was fractionally higher against the euro with EUR/JPY edging down 0.07%, to hit 98.57.
Later in the day, the U.S. was to produce revised data on second quarter gross domestic product, followed by an industry report on pending home sales.
USD/JPY hit 78.63 during early European trade, the daily high; the pair subsequently consolidated at 78.55, easing up 0.06%.
The pair was likely to find support at 78.27, the low of August 22 and resistance at 78.83, the high of August 27.
Sentiment slightly improved on Tuesday, after the European Central Bank said that its President Mario Draghi would not be attending an annual symposium in Jackson Hole, Wyoming, on Friday, due to his "heavy workload" in the next few days.
The unexpected announcement fuelled expectations that the ECB is working on policy measures to help stabilize the euro zone's sovereign debt markets, ahead of its next policy meeting on September 6.
The ECB president had been due to speak at the summit on Saturday, one day after a keenly anticipated speech by Federal Reserve Chairman Ben Bernanke, amid ongoing speculation over how close the U.S. central bank is to implementing more stimulus measures.
Investors were also eyeing the release of U.S. economic growth data later in the day, for further indications on the strength of the country’s economic recovery.
Meanwhile, demand for the safe haven yen remained supported after the Japanese government cut its view of the economy for the first time in 10 months on Tuesday, highlighting the vulnerability of Japan's economic recovery, as concerns over the impact of the euro zone debt crisis weigh on demand in key export markets.
Elsewhere, the yen was fractionally higher against the euro with EUR/JPY edging down 0.07%, to hit 98.57.
Later in the day, the U.S. was to produce revised data on second quarter gross domestic product, followed by an industry report on pending home sales.