Forexpros – The dollar fell against the yen on Thursday as investors snapped up the Japanese currency after the Asian giant reported a surprise February trade surplus.
In Asian trading on Thursday, USD/JPY hit 83.34, down 0.08% up from a low of 83.14 and off a high of 83.47.
The pair sought to test technical support at 83.06 and resistance at 83.54.
Japan reported a surprise trade surplus of JPY32.9 trillion for February, well above forecasts for a deficit.
In the U.S., the National Association of Realtors reported that total existing home sales slipped 0.9% to a seasonally adjusted annual rate of 4.59 million in February, up from an upwardly revised 4.63 million in January but a little weaker than expected.
The dollar traded in an edgy manner ahead of weekly jobless claims figures due out later Thursday.
While monthly unemployment rates have surprised for the better as of late, anticipation is building if the jobs market can continue the pace of recovery on its own and without any policy guidance from the Federal Reserve.
The Fed has remained officially mute on plans to roll out fresh easing measures to jolt the economy, despite multiple appearances in public by Fed Chairman Ben Bernanke.
The yen, meanwhile, was up against the pound and up against the euro, with GBP/JPY falling 0.13% to 132.22 and EUR/JPY down 0.01% at 110.23.
Later Thursday, the U.S. is to publish official data on initial jobless claims, a leading indicator of economic health.
Also Thursday, Fed Chairman Ben Bernanke is to speak at an event in Washington; his comments will be closely watched for possible indications on the future direction of monetary policy.
Forexpros
