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Forex - Dollar trading near 4-year highs vs. yen

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Investing.com - The dollar was trading close to four-year highs against the yen on Wednesday as a broad based yen selloff paused with market participants awaiting further cues from the Bank of Japan.

USD/JPY hit 99.32 during late Asian trade, the session high; the pair subsequently consolidated at 99.14, rising 0.15%.

The pair was likely to find support at 98.57, Monday's low and resistance at 100.00.

The yen plunged to multi-year lows against the dollar and the euro in recent sessions after the Bank of Japan announced last week that it was embarking on a massive monetary stimulus program aimed at beating deflation in the world's third-largest economy.

The weakening trend of the yen looked likely to remain intact amid growing expectations that the dollar will soon break the 100.00 per yen level.

Meanwhile, investors were looking ahead to the release of the minutes from the Federal Reserve's most recent meeting later in the day.

Markets were waiting to see if the U.S. central bank discussed the possibility of an earlier-than-expected end to its quantitative easing program at its March meeting, after examining the possibility at its previous two meetings.

The yen was hovering close to its lowest level since January 2010 against the euro, with EUR/JPY rising 0.29% to 129.89.

Elsewhere Wednesday, official data showed that China posted an unexpected trade surplus in March as imports rose sharply to outstrip exports.

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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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