Forexpros – The U.S. dollar edged lower against the yen on Monday, amid speculation over a possible intervention by Japan to weaken the currency after the dollar tumbled to an all-time low against the yen on Friday.
USD/JPY hit 76.17 during late Asian trade, the daily low; the pair subsequently consolidated at 76.22, dipping 0.07%.
The pair was likely to find support at 75.73, Friday’s low and the pair’s record low and resistance at 76.90, Friday’s high.
Earlier Monday, Japan’s Finance Minister Jun Azumi reiterated warnings against speculators pushing the yen too high, saying Tokyo would take “decisive” steps in the foreign exchange market if necessary.
Azumi said that the yen’s move on Friday was “an absolutely speculative movement and did not reflect economic fundamentals at all.”
On Friday, Japan’s government approved an expansion of the JPY12 trillion package of measures put in place last month to counter the effects of the persistently strong yen on the country’s largely export driven economy.
The yen was also slightly higher against the euro, with EUR/JPY sliding 0.24% to hit 105.73.
Also Monday, official data showed that Japanese exports rose more-than-expected in September, rising 2.4% year-on-year. Japan posted a trade surplus of JPY300 billion last month, surpassing expectations for a surplus of JPY198 billion.
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