Investing.com - The yen slipped lower against the dollar and the euro on Thursday, re-approaching recent lows amid ongoing uncertainty over the timing of a possible reduction in the Federal Reserve’s stimulus program.
USD/JPY was up 0.27% to 102.69 from 102.42 on Wednesday, nearing the seven month high of 103.38 struck on Tuesday.
The pair was likely to find support at 102.14, Wednesday’s low and resistance at 103.38.
The dollar found support as news that U.S. Congressional leaders reached an agreement on a two year budget deal was seen as increasing the likelihood that the Fed would begin to scale back its USD85 billion a month asset purchase program at next week’s policy meeting.
EUR/JPY was up 0.39% to 141.75, just below Tuesday’s five year peaks of 142.15, after falling to lows of 140.90 on Wednesday.
Elsewhere, the dollar remained close to six-week lows against the euro, with EUR/USD inching up 0.02% to 1.3788, holding just below Wednesday’s highs of 1.3809, the strongest level since October 29.
Demand for the single currency continued to be underpinned as expectations for further monetary easing by the European Central Bank dimmed after the bank left monetary policy unchanged at its meeting this month, following a surprise rate cut in November.
USD/JPY was up 0.27% to 102.69 from 102.42 on Wednesday, nearing the seven month high of 103.38 struck on Tuesday.
The pair was likely to find support at 102.14, Wednesday’s low and resistance at 103.38.
The dollar found support as news that U.S. Congressional leaders reached an agreement on a two year budget deal was seen as increasing the likelihood that the Fed would begin to scale back its USD85 billion a month asset purchase program at next week’s policy meeting.
EUR/JPY was up 0.39% to 141.75, just below Tuesday’s five year peaks of 142.15, after falling to lows of 140.90 on Wednesday.
Elsewhere, the dollar remained close to six-week lows against the euro, with EUR/USD inching up 0.02% to 1.3788, holding just below Wednesday’s highs of 1.3809, the strongest level since October 29.
Demand for the single currency continued to be underpinned as expectations for further monetary easing by the European Central Bank dimmed after the bank left monetary policy unchanged at its meeting this month, following a surprise rate cut in November.