Investing.com - The U.S. dollar edged higher against the yen on Friday, as investors remained cautious ahead of talks between U.S. President Barack Obama and Japanese Prime Minister Shinzo Abe later in the day.
USD/JPY hit 93.47 during European afternoon trade, the session high; the pair subsequently consolidated at 93.30, adding 0.21%.
The pair was likely to find support at 92.23, the low of February 15 and resistance at 94.21, the high of February 18.
Market participants remained cautious ahead of talks between the U.S. and Japan on Friday, aimed at strengthening ties between the two countries.
Separately, Japanese Finance Minister Taro Aso said the next central bank governor does not necessarily have to come from his ministry, although hel must have experience managing a large organisation.
Prime Minister Abe has the final say in nominating the next BOJ governor and will likely do so after he returns from his U.S. visit.
The yen was lower against the euro with EUR/JPY edging up 0.18%, to hit 123.02.
The euro came under pressure after the European Union Commission said the euro zone economy will shrink for a second year in 2013, driving unemployment higher as governments, consumers and companies curb spending.
The EU Commission forecast the bloc's gross domestic product to fall 0.3% this year, compared with a November prediction of 0.1% growth, and the unemployment rate to climb to 12.2%, up from the previous estimate of 11.8% and 11.4% in 2012.
USD/JPY hit 93.47 during European afternoon trade, the session high; the pair subsequently consolidated at 93.30, adding 0.21%.
The pair was likely to find support at 92.23, the low of February 15 and resistance at 94.21, the high of February 18.
Market participants remained cautious ahead of talks between the U.S. and Japan on Friday, aimed at strengthening ties between the two countries.
Separately, Japanese Finance Minister Taro Aso said the next central bank governor does not necessarily have to come from his ministry, although hel must have experience managing a large organisation.
Prime Minister Abe has the final say in nominating the next BOJ governor and will likely do so after he returns from his U.S. visit.
The yen was lower against the euro with EUR/JPY edging up 0.18%, to hit 123.02.
The euro came under pressure after the European Union Commission said the euro zone economy will shrink for a second year in 2013, driving unemployment higher as governments, consumers and companies curb spending.
The EU Commission forecast the bloc's gross domestic product to fall 0.3% this year, compared with a November prediction of 0.1% growth, and the unemployment rate to climb to 12.2%, up from the previous estimate of 11.8% and 11.4% in 2012.