Forex - USD/JPY higher after Iwata comments

A A A - " The U.S. dollar traded higher against the Japanese yen during Monday's Asian session after a Bank of Japan member reiterated the central bank's commitment to its massive quantitative easing initiative.

In Asian trading Monday, USD/JPY rose 0.20% to 97.60. After falling 0.82% last week, the pair is likely to find support at 96.66, the low of October 7 and resistance at 98.00.

On Sunday, BoJ Deputy Governor Kikuo Iwata reiterated the central bank's commitment to large-scale easing until it reaches its desired inflation target of 2%. The country's monetary and fiscal policies are at a critical point for ending deflation, Iwata said in a speech given in Western Japan, Bloomberg reported.

Among other central bank events on this week's schedule, BoJ meets on October 31. On Tuesday, Reserve Bank of Australia Governor Glenn Stevens is scheduled to speak.

Tuesday is also when the Federal Reserve kicks-off a two-day meeting. Later Monday, Bank of England Chief Economist is scheduled to give remarks in London.

Analysts surveyed by Bloomberg expect USD/JPY to finish this year around 100 before rising to 110 next year.

The yen is off about 11% this year, making it the worst performer among the G-10 currencies. Later Monday, the U.S. is to produce reports on industrial production and the capacity utilization rate, as well as private sector data on pending home sales.

Elsewhere, AUD/JPY rose 0.47% to 93.80 while EUR/JPY gained 0.23% to 134.77. offers an extensive set of professional tools for the financial markets.
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This article appears in: Investing , Forex and Currencies

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