Investing.com – The U.S. dollar was down against the yen on Wednesday, as investors shrugged off comments from a high ranking Japanese official regarding intervention in the currency market.
USD/JPY hit 83.94 during European morning trade, a daily low; the pair subsequently consolidated at 84.09, shedding 0.18%.
The pair was likely to find support at 83.58, the low of August 24 and a 15-year low, and resistance at 85.89, the high of August 30.
Earlier in the day, Democratic Party member, Ichiro Ozawa said that he planned to contend against Prime Minister Naoto Kan for leadership of the Democratic Party.
In a statement, Ozawa pledged to intervene in the currency market should he be elected, saying he would take “every measure” to weaken the yen from near 15-year highs.
Ozawa also said the he intended to introduce a 2 trillion yen monetary stimulus package, more than doubling the stimulus package proposed by Prime Minister Kan.
Meanwhile, the yen was down against the euro, with EUR/JPY gaining 0.51% to hit 107.31.
Later in the day, the U.S. was to release a report on ADP non-farm employment change, as well as official government data on manufacturing activity.
USD/JPY hit 83.94 during European morning trade, a daily low; the pair subsequently consolidated at 84.09, shedding 0.18%.
The pair was likely to find support at 83.58, the low of August 24 and a 15-year low, and resistance at 85.89, the high of August 30.
Earlier in the day, Democratic Party member, Ichiro Ozawa said that he planned to contend against Prime Minister Naoto Kan for leadership of the Democratic Party.
In a statement, Ozawa pledged to intervene in the currency market should he be elected, saying he would take “every measure” to weaken the yen from near 15-year highs.
Ozawa also said the he intended to introduce a 2 trillion yen monetary stimulus package, more than doubling the stimulus package proposed by Prime Minister Kan.
Meanwhile, the yen was down against the euro, with EUR/JPY gaining 0.51% to hit 107.31.
Later in the day, the U.S. was to release a report on ADP non-farm employment change, as well as official government data on manufacturing activity.