Forexpros – The U.S. dollar was down against the yen on Thursday, but the pair remained rangebound amid uncertainty over the outcome of the European Central Bank’s policy setting meeting later in the day.
USD/JPY hit 76.65 during late Asian trade, the daily low; the pair subsequently consolidated at 76.67, slipping 0.16%.
The pair was likely to find support at 76.10, the low of September 22 and resistance at 77.07, Wednesday’s high.
The ECB was widely expected to leave rates unchanged at 1.5%, amid concerns over consistently high inflation, despite calls for a rate cut to support faltering growth in the single currency bloc.
Concerns over a slowdown in the region were underlined after data on Wednesday showed that private sector growth in the euro zone contracted for the first time in two years in September.
But the dollar found support after a report on Wednesday showed that U.S. private sector employment rose more-than-expected last month.
Meanwhile, the yen was slightly lower against the euro, with EUR/JPY easing up 0.07% to hit 102.56.
Also Thursday, the U.S. was to release its weekly report on initial jobless claims.
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