Investing.com - The dollar traded lower against the yen in Asian trading on Thursday on sentiment the Bank of Japan will decide later during the day not to make major changes to monetary policy and halt the yen's gains.
In Asian trading on Thursday, USD/JPY hit 79.62, down 0.17%, up from a session low of 79.57 and off a high of 79.64.
The pair was likely to find support at 79.48, the low from July 9, and resistance at 80.02, the high from July 6.
The Bank of Japan is to hold a monetary policy meeting later Thursday, and markets are widely expecting the monetary authority to make no changes to its policies, especially stimulus programs, which sent the yen rising against the greenback.
The U.S. dollar, meanwhile, was lower amid profit taking after soaring in the U.S. session on news the Federal Reserve is no more willing to stimulate the economy via easing measures than in recent months.
The Federal Reserve said in the minutes of its most recent monetary policy meeting that it will stand guard for now and intervene later should the economy take a turn for the worse, but made no specific hint that easing is becoming increasingly likely or not.
The yen was up against the pound and up against the euro, with GBP/JPY down 0.12% and trading at 123.49 and EUR/JPY down 0.20% and trading at 97.43.
After the Bank of Japan releases its statement on interest rates and monetary policy, the bank may hold a press conference afterwards.
The U.S. will release government data on unemployment claims and figures on import prices, followed by the monthly Treasury statement.
In Asian trading on Thursday, USD/JPY hit 79.62, down 0.17%, up from a session low of 79.57 and off a high of 79.64.
The pair was likely to find support at 79.48, the low from July 9, and resistance at 80.02, the high from July 6.
The Bank of Japan is to hold a monetary policy meeting later Thursday, and markets are widely expecting the monetary authority to make no changes to its policies, especially stimulus programs, which sent the yen rising against the greenback.
The U.S. dollar, meanwhile, was lower amid profit taking after soaring in the U.S. session on news the Federal Reserve is no more willing to stimulate the economy via easing measures than in recent months.
The Federal Reserve said in the minutes of its most recent monetary policy meeting that it will stand guard for now and intervene later should the economy take a turn for the worse, but made no specific hint that easing is becoming increasingly likely or not.
The yen was up against the pound and up against the euro, with GBP/JPY down 0.12% and trading at 123.49 and EUR/JPY down 0.20% and trading at 97.43.
After the Bank of Japan releases its statement on interest rates and monetary policy, the bank may hold a press conference afterwards.
The U.S. will release government data on unemployment claims and figures on import prices, followed by the monthly Treasury statement.