Forex - Broadly weaker dollar gives up gains against yen
Investing.com
Published Aug 29, 2011 03:51AM ET
USD/JPY pulled back from 76.81, the daily high, to hit 76.63 during late Asian trade, slipping 0.03%.
The pair was likely to find support at 75.94, the low of August 19 and the pair’s all-time low and resistance at 77.07, the high of August 24.
In a speech at the Federal Reserve’s annual summit on Friday, Chairman Ben Bernanke did not indicate that the Fed intended to take immediate action to stimulate growth, but did not outrule the use of additional monetary stimulus if necessary.
Bernanke also said that the central bank’s September policy-setting meeting would run for two days instead of one, to give policymakers more time to consider their options.
In Japan, Finance Minister Yoshihiko Noda was elected head of the country’s ruling DPJ party; a move which all but guarantees that he will become the country's next prime minister.
As finance minister, Noda has overseen three interventions in currency markets in the past 12 months, to combat the rapid appreciation of the yen.
Meanwhile, the yen was lower against the euro, with EUR/JPY easing up 0.16% to hit 111.32.
Later in the day, the U.S. was to release industry data on pending home sales.
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Written By: Investing.com
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