Forexpros – The U.S. dollar almost unchanged against the yen on Tuesday, trading close to last Friday’s record low amid ongoing speculation that Japan would intervene in currency markets to weaken the yen.
USD/JPY hit 76.04 during late Asian trade, the daily low; the pair subsequently consolidated at 76.09, unchanged on the day.
The pair was likely to find support at 75.73, last Friday’s low and the pair’s all-time low and short-term resistance at 76.48, Monday’s high.
Earlier Tuesday, Japanese Finance Minister Jun Azumi reiterated his warning against pushing the yen too high, saying he was ready to take decisive steps if the currency’s appreciation becomes excessive.
“Sudden rises in the yen do not reflect economic fundamentals and I must judge them as speculative,” he said.
Azumi also said he has instructed Finance Ministry officials to be ready “for any eventuality.”
Meanwhile, safe haven demand remained supported amid uncertainty over the outcome of Wednesday’s critical European Union summit, which investors hoped would yield a breakthrough on dealing with the debt crisis in the region.
The yen was also almost unchanged against the euro, with EUR/JPY inching up 0.01% to hit 106.00.
Later in the day, the U.S. was to publish industry data on house price inflation as well as a report on consumer confidence.
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