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Forex - Dollar moves higher vs. yen

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Investing.com - " The dollar moved higher against the yen on Monday, as a rebound in Asian equities markets overnight dampened investor demand for the traditional safe haven yen.

USD/JPY hit 97.75 during late Asian trade, the highest since October 23; the pair subsequently consolidated at 97.64, gaining 0.25%.

The pair was likely to find support at 97.15, the low of October 23 and resistance at 98.00.

Asian stock markets rebounded on Monday, recovering from declines last week when market sentiment was hit by concerns that China's central bank may tighten monetary policy in order to control inflation.

Japan's Nikkei rose 2.19% recovering most of Friday's steep 2.9% decline.

The dollar remained under pressure as investors looked ahead to the Federal Reserve's upcoming policy meeting later in the week, amid expectations that the central bank will delay plans to start tapering stimulus until well into next year.

Data on Friday showed that an index of U.S. consumer sentiment was revised down to a 10-month low in October on concerns over the economic impact of the recent 16-day government shutdown.

The yen was also lower against the euro, with EUR/JPY rising 0.22% to 134.73.

Elsewhere, the euro was little changed close to 23-month highs against the dollar, with EUR/USD dipping 0.03% to 1.3800.

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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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