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Forex - USD/JPY rebounds from 2-week lows

By Investing.com  |  Forex  |  Aug 28, 2013 07:14AM GMT  |   Add a Comment
 
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Investing.com - The dollar rebounded from two-week lows against the yen on Wednesday, after posting steep losses the previous day as escalating geopolitical tensions between the U.S. and Syria boosted safe haven demand.

Forex - USD/JPY rebounds from 2-week lows
USD/JPY hit 97.42 during late Asian trade, the session high; the pair subsequently consolidated at 97.32, gaining 0.29%.

The pair was likely to find support at 96.31, the low of August 7 and resistance at 98.25.

The yen strengthened broadly on Tuesday amid mounting expectations for U.S. military strikes against Syria’s government.

U.S. Vice-President Joe Biden said Tuesday there was "no doubt" that the Syrian government used chemical weapons against civilians and that it must be held accountable.

The dollar found support as concerns over the timing of a reduction in Federal Reserve stimulus eased after data on Tuesday showed that U.S. consumer confidence rose more than expected in August, hitting the highest level since January 2008.

The Conference Board said its index of consumer confidence rose to 81.5 in August from an upwardly revised 81.0 in July.  Analysts had expected the index to tick down to 79.0.

Elsewhere, the yen was lower against the euro, with EUR/JPY rising 0.17% to 130.16.

The U.S. was to release data on pending home sales later Wednesday.




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