Investing.com – The U.S. dollar was down against the yen on Monday, testing a key support at 84.00, amid concerns that Japanese authorities would intervene in currency markets if the dollar continued to weaken against the yen.
USD/JPY hit 84.13 during European morning trade, a daily low; the pair subsequently consolidated at 84.22, shedding 0.05%.
The pair was likely to find short-term support at 84.00 and resistance at 85.17, the high of September 22.
Earlier in the day, Bank of Japan Governor Masaaki Shirakawa said that the bank would continue to closely monitor the impact of the strong yen on Japan's economy.
"I cannot comment on foreign exchange rate levels but we are closely watching the impact of the strong yen on Japan's economy. We are also paying more attention to downside risks to the economic and price outlook than before," he said.
The yen was also up against the euro, with EUR/JPY shedding 0.25% to hit 113.32.
Also Monday, official data showed that Japan's exports grew at a slower than expected rate in August, as the strong yen undermined export growth.
USD/JPY hit 84.13 during European morning trade, a daily low; the pair subsequently consolidated at 84.22, shedding 0.05%.
The pair was likely to find short-term support at 84.00 and resistance at 85.17, the high of September 22.
Earlier in the day, Bank of Japan Governor Masaaki Shirakawa said that the bank would continue to closely monitor the impact of the strong yen on Japan's economy.
"I cannot comment on foreign exchange rate levels but we are closely watching the impact of the strong yen on Japan's economy. We are also paying more attention to downside risks to the economic and price outlook than before," he said.
The yen was also up against the euro, with EUR/JPY shedding 0.25% to hit 113.32.
Also Monday, official data showed that Japan's exports grew at a slower than expected rate in August, as the strong yen undermined export growth.