Investing.com – The U.S. dollar eased down against the yen on Tuesday, as investors began to focus on the outcome of the Federal Reserve's policy setting meeting, which was to conclude on Wednesday.
USD/JPY hit 80.09 during late Asian trade, the daily low; the pair subsequently consolidated at 80.19, dipping 0.08%.
The pair was likely to find support at 79.69, the low of June 8 and a five-week low and resistance at 81.05, the high of June 16.
Fed Chairman Ben Bernanke was widely expected to reaffirm the bank’s pledge to hold interest rates near zero for an extended period at the post-meeting press conference, after a recent soft patch of economic data indicated that the U.S. recovery is faltering.
Earlier in the day, Fitch Ratings said it would move its ratings on the U.S. to restrictive default if Congress does not agree to raise the country's debt ceiling by August 2, when the Treasury has warned it may not be able to continue borrowing.
Meanwhile, the yen was down against the euro, with EUR/JPY rising 0.27% to hit 115.11.
Later Tuesday, the U.S. was to publish industry data on existing home sales.
USD/JPY hit 80.09 during late Asian trade, the daily low; the pair subsequently consolidated at 80.19, dipping 0.08%.
The pair was likely to find support at 79.69, the low of June 8 and a five-week low and resistance at 81.05, the high of June 16.
Fed Chairman Ben Bernanke was widely expected to reaffirm the bank’s pledge to hold interest rates near zero for an extended period at the post-meeting press conference, after a recent soft patch of economic data indicated that the U.S. recovery is faltering.
Earlier in the day, Fitch Ratings said it would move its ratings on the U.S. to restrictive default if Congress does not agree to raise the country's debt ceiling by August 2, when the Treasury has warned it may not be able to continue borrowing.
Meanwhile, the yen was down against the euro, with EUR/JPY rising 0.27% to hit 115.11.
Later Tuesday, the U.S. was to publish industry data on existing home sales.