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Forex - Yen up vs. dollar but gains limited by intervention threat

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Forex Pros - The yen was slightly higher against the U.S. dollar on Tuesday, but the currency's gains were limited as markets remained on alert for further intervention by world central banks.

USD/JPY hit 80.85 during late Asian trade, the daily low; the pair subsequently consolidated at 80.92, slipping 0.11%.

The pair was likely to find support at 79.06, last Thursday's low and resistance at 81.98, the high of the same day.

Earlier Tuesday, Japan's Finance Minister Yoshihiko Noda said the Group of Seven leading industrialized nations will continue to cooperate after pledging joint intervention to curb the yen's record gains last Friday.

Meanwhile, Tokyo Electric Power Co., the operator of the stricken Fukushima Daiichi nuclear power plant, said it expected workers to restore power to parts of the building housing the most damaged reactors later in the day.

The yen was also fractionally higher against the euro, with EUR/JPY dipping 0.03% to hit 115.22.

Also Tuesday, Japan's economy minister said that nuclear power would remain the primary source of energy for the Japanese economy despite concerns over safety after problems at the quake-hit Daiichi plant.

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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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