Forex - Dollar drifts higher against yen as risk aversion wanes
Investing.com
Published Mar 21, 2011 10:57AM ET
USD/JPY hit 81.32 during early U.S. trade, the daily high; the pair subsequently consolidated at 81.07, advancing 0.61%.
The pair was likely to find support at 79.06, Friday’s low and resistance at 81.98, the high of the same day.
On Friday, the G-7 industrialized nations, together with Japan’s Ministry of Finance conducted the first coordinated intervention in currency markets since 2000 in an effort to stem the yen’s steep gains in the wake of the March 11 earthquake and tsunami.
Meanwhile, risk appetite was bolstered after Japanese authorities said earlier that they were making progress in cooling damaged reactors at the stricken Fukushima Daiichi nuclear power plant, 155 miles north of Tokyo.
The yen was also down against the euro, with EUR/JPY rising 0.61% to hit 114.95.
Also Monday, industry data showed that sales of previously owned homes in the U.S. declined in February, following three consecutive monthly gains.
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Written By: Investing.com
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