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Forex - Dollar lower vs. yen, downside limited

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Investing.com - The dollar was lower against the yen on Tuesday but losses looked likely to remain limited as expectations for more aggressive easing steps by the Bank of Japan remained intact.

USD/JPY hit 92.92 during late Asian trade, the pair's lowest since Friday; the pair subsequently consolidated at 92.97, down 0.51%.

The pair was likely to find support at 92.43, Friday's low and resistance at 93.71, Monday's high.

On Monday, Haruhiko Kuroda, the government's nominee for the governor of the BoJ, said he would not set any limits on the amount of cash the central bank pumps into the economy.

Kuroda said the BoJ's current policies were not powerful enough to boost inflation to 2%, a target he said the central bank should strive to achieve in two years.

The comments came during a confirmation hearing in Japan's lower house of parliament.

Elsewhere, the yen was higher against the euro, with EUR/JPY down 0.35% to 121.31.

The euro zone was to release official data on retail sales later Tuesday. In the U.S., the Institute of Supply Management was to release a report on service sector activity.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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