Investing.com - The dollar dipped against the yen in quiet trade on Wednesday but losses were limited as the prospect of military strikes against Syria receded, curbing demand for the safe haven yen.
USD/JPY hit 100.14 during late Asian trade, the session low; the pair subsequently consolidated at 100.30, inching down 0.08%.
The pair was likely to find support at 99.46, Tuesday’s low and resistance at 100.60, the session high.
The yen weakened broadly on Tuesday after President Barack Obama agreed to explore a plan proposed by Russia for Syria to place its chemical weapons under international control in order to avoid a U.S. military intervention.
Optimism over a recovery in China also underpinned risk appetite, after improved data on retail sales, industrial production and exports earlier in the week added to signs that the world’s second largest economy is recovering from a slowdown.
Elsewhere, the yen was higher against the euro, with EUR/JPY down 0.21% to 132.91 as investors took profits after the pair hit four-month highs on Tuesday.
USD/JPY hit 100.14 during late Asian trade, the session low; the pair subsequently consolidated at 100.30, inching down 0.08%.
The pair was likely to find support at 99.46, Tuesday’s low and resistance at 100.60, the session high.
The yen weakened broadly on Tuesday after President Barack Obama agreed to explore a plan proposed by Russia for Syria to place its chemical weapons under international control in order to avoid a U.S. military intervention.
Optimism over a recovery in China also underpinned risk appetite, after improved data on retail sales, industrial production and exports earlier in the week added to signs that the world’s second largest economy is recovering from a slowdown.
Elsewhere, the yen was higher against the euro, with EUR/JPY down 0.21% to 132.91 as investors took profits after the pair hit four-month highs on Tuesday.