Investing.com – The U.S. dollar extended its rally against the yen on Thursday, approaching a 7-month high ahead of key reports on the U.S. labor market and manufacturing sector.
USD/JPY hit 93.73 during early European trade, only three pips off the 4-month high of Jan. 7, 93.76. The pair subsequently consolidated around 93.61, gaining 0.15%.
The pair was likely to find resistance at 95.46, the high of Aug. 14 last year, and support at 88.14, the low of March 4.
Earlier in the day, a Bank of Japan report showed that Japanese manufacturers' business confidence rose for a fourth consecutive quarter, as expected.
The Japanese currency also slipped against sterling, meanwhile, with GBP/JPY climbing 0.37% to reach 142.44.
Later Thursday, the United States was set to publish an important weekly report on unemployment claims, and an industry group was due to publish a manufacturing purchasing managers' index for the country.
USD/JPY hit 93.73 during early European trade, only three pips off the 4-month high of Jan. 7, 93.76. The pair subsequently consolidated around 93.61, gaining 0.15%.
The pair was likely to find resistance at 95.46, the high of Aug. 14 last year, and support at 88.14, the low of March 4.
Earlier in the day, a Bank of Japan report showed that Japanese manufacturers' business confidence rose for a fourth consecutive quarter, as expected.
The Japanese currency also slipped against sterling, meanwhile, with GBP/JPY climbing 0.37% to reach 142.44.
Later Thursday, the United States was set to publish an important weekly report on unemployment claims, and an industry group was due to publish a manufacturing purchasing managers' index for the country.