Investing.com – The U.S. dollar surged to a nine-day high against the yen on Thursday, on the back of increased buying by Japanese life insurance firms and importers.
USD/JPY hit 82.79 during European morning trade, the pair’s highest since January 28; the pair subsequently consolidated at 82.65, gaining 0.36%.
The pair was likely to find support at 82.19, Wednesday’s low and resistance at 82.91, the high of January 28.
Demand for the greenback among the importers was strong due to regular settlements, while rising U.S. Treasury yields also lifted the dollar. A higher Treasury yield increases the amount of return from holding dollar-denominated assets.
Meanwhile, the yen was higher against the euro, with EUR/JPY shedding 0.36% to hit 112.66.
Later in the day, the U.S. was to release its key weekly report on initial jobless claims.
USD/JPY hit 82.79 during European morning trade, the pair’s highest since January 28; the pair subsequently consolidated at 82.65, gaining 0.36%.
The pair was likely to find support at 82.19, Wednesday’s low and resistance at 82.91, the high of January 28.
Demand for the greenback among the importers was strong due to regular settlements, while rising U.S. Treasury yields also lifted the dollar. A higher Treasury yield increases the amount of return from holding dollar-denominated assets.
Meanwhile, the yen was higher against the euro, with EUR/JPY shedding 0.36% to hit 112.66.
Later in the day, the U.S. was to release its key weekly report on initial jobless claims.