Investing.com – The U.S. dollar trimmed early gains against the yen on Monday, retreating from a 3-day high, amid renewed concerns that Japanese authorities would intervene in currency markets to weaken the yen.
USD/JPY retreated from 83.86, the pair's highest since September 29, to hit 83.27 during European morning trade, gaining 0.07%.
The pair is likely to find support at 82.92, the low of September 15 and a 15-year low and resistance at 84.33, the high of September 28.
On Saturday, Japanese Cabinet Secretary Yoshito Sengoku said that current yen moves were too speculative, saying "If the exchange rate is one that settles down gradually, we would not reject that. But I think that the current moves are too speculative and as a result the yen is rapidly becoming too strong".
In relation to further intervention he said that authorities could take "appropriate action at the appropriate time".
Meanwhile, the yen was up against the euro, with EUR/JPY shedding 0.60% to hit 114.05.
Later in the day the U.S. was to publish official data on pending home sales while Fed chairman Ben Bernanke was to make a speech.
USD/JPY retreated from 83.86, the pair's highest since September 29, to hit 83.27 during European morning trade, gaining 0.07%.
The pair is likely to find support at 82.92, the low of September 15 and a 15-year low and resistance at 84.33, the high of September 28.
On Saturday, Japanese Cabinet Secretary Yoshito Sengoku said that current yen moves were too speculative, saying "If the exchange rate is one that settles down gradually, we would not reject that. But I think that the current moves are too speculative and as a result the yen is rapidly becoming too strong".
In relation to further intervention he said that authorities could take "appropriate action at the appropriate time".
Meanwhile, the yen was up against the euro, with EUR/JPY shedding 0.60% to hit 114.05.
Later in the day the U.S. was to publish official data on pending home sales while Fed chairman Ben Bernanke was to make a speech.