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Forex - USD/JPY turns higher after BoJ easing

Published 10/31/2012, 04:17 AM
Updated 10/31/2012, 04:17 AM

Investing.com - The U.S. dollar turned higher against the yen on Wednesday, paring Tuesday’s losses after fresh easing steps by the Bank of Japan disappointed expectations for more aggressive measures.

USD/JPY hit 79.76 during late Asian trade, the session high; the pair subsequently consolidated at 79.75, gaining 0.16%.

The pair was likely to find support at 79.26, Tuesday’s low and a one-week low and resistance at 80.12, Tuesday’s high.

The dollar fell to a one-week low against the yen on Tuesday, after the BoJ increased the size of its asset purchase program by JPY11 trillion, disappointing expectations for stronger easing measures.

The BoJ decision came amid growing concerns over the deteriorating economic outlook and growing political pressure to step up measures to combat deflation.

U.S. markets were preparing to reopen on Wednesday after a two day closure for Hurricane Sandy.

Investors were looking ahead to Chinese manufacturing data on Thursday, as well as Friday’s U.S. nonfarm payrolls report amid concerns over the global economic recovery.

The yen was lower against the euro, with EUR/JPY up 0.42% to 103.61.

Later Wednesday, the U.S. was to produce official data on manufacturing activity in Chicago, as well as a government report on crude oil inventories.



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