Investing.com - The U.S. dollar was higher against the yen on Wednesday, after a retreat on Tuesday attracted buyers, as expectations for more aggressive monetary easing steps by the Bank of Japan continued to weigh on the yen.
USD/JPY hit 87.55 during late Asian trade, the session high; the pair subsequently consolidated at 87.48, gaining 0.50%.
The pair was likely to find support at 86.89, the session low and resistance at 86.40, the high of January 4 and a two-and-a-half year high.
The dollar turned lower against the yen on Tuesday amid profit taking in the wake of the dollar's recent rally.
The yen remained under pressure amid expectations that Japan's new government will pressure the BoJ to step up monetary easing in order to spur growth and combat deflation.
The yen was also weaker against the euro, with EUR/JPY rising 0.46% to 114.39.
Later in the day Germany was to release official data on industrial production and the euro zone was to produce final data on third quarter growth, while the U.S. was to publish official data on crude oil stockpiles.
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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.
