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Forex - USD/JPY rises with Fed meeting in focus

Published 07/28/2015, 07:49 AM
Updated 07/28/2015, 07:49 AM
© Reuters.  Greenback strengthens against yen ahead of Fed statement

© Reuters. Greenback strengthens against yen ahead of Fed statement

Investing.com - The U.S. dollar rose against the yen on Tuesday, as the greenback regained some strength ahead of the Federal Reserve's policy statement due on Wednesday.

USD/JPY hit 123.80 during European afternoon trade, the pair's highest since July 24; the pair subsequently consolidated at 123.73, gaining 0.46%.

The pair was likely to find support at 123.01, Monday's low and resistance at 124.12, the high of July 24.

The dollar strengthened as investors awaited Wednesday’s Fed statement to see if policymakers will give any indication on the timing of an initial rate hike.

Fed Chair Janet Yellen has said the central bank could raise rates as soon as September if the economy continues to improve as expected.

The U.S. was to release figures on second quarter growth on Thursday, which were expected to show that the economy rebounded following a contraction in the first quarter after an unusually harsh winter.

The greenback was also boosted as an ongoing selloff in Chinese equity markets sapped demand for riskier assets.

Stocks in Shanghai posted their largest one-day decline in eight years on Monday and continued to fall on Tuesday, despite expectations for more government support.

The yen was higher against the euro, with EUR/JPY slipping 0.16% to 136.44.

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