Shutterstock photo
Markets

Forex - USD/JPY edges higher, but nuclear fears remain

Shutterstock photo

Shutterstock photo

Forex Pros - The U.S. dollar edged higher against the yen in volatile trade on Wednesday, recouping some of the previous day's losses, even amid the threat of a major radiation leak from the stricken Fukushima Daiichi nuclear power facility.

USD/JPY clawed back up from 80.73, the daily low to hit 80.93 during late Asian trade, gaining 0.27%.

The pair was likely to find support at 80.57, last Friday's low and a four-month low and resistance at 82.04, Tuesday's high.

The dollar's gains came after the Bank of Japan pumped cash into markets for a third day in a row, bringing its total liquidity injection to JPY55.6 trillion yen since Monday.

Meanwhile, Japanese authorities were battling to contain the fallout from the damaged Fukushima Daiichi nuclear plant, which was hit by the earthquake and tsunami that engulfed coastal regions of Japan on Friday.

Earlier, staff returned to work at the plant, located 155 miles north east of Tokyo, after a rise in radiation levels following a fire forced them to temporarily abandon the facility.

The yen was also lower against the euro, with EUR/JPY rising 0.13% to hit 113.14.

Later in the day, the U.S. was to publish a flurry of data, with reports on building permits as well as data on producer price inflation, housing starts and crude oil stockpiles.

Forex News

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.

Other Topics

ForEx

Latest Markets Videos