Forexpros – The U.S. dollar edged lower against the yen on Wednesday, but the greenback remained supported after the Federal Reserve signaled that it had no intention of implementing further easing measures for the time being.
USD/JPY hit 82.58 during early European trade, the daily low; the pair subsequently consolidated at 82.72, edging down 0.11%.
The pair was likely to find support at 82.36, the low of March 26 and resistance at 83.21, the high of March 28.
The minutes of the Fed’s March meeting showed that policymakers will refrain from launching a third round of quantitative easing unless the rate of growth falters or inflation drops below the central bank’s 2% targeted rate.
Meanwhile, market sentiment remained under pressure amid fears that the euro zone may be slipping into a recession after official data confirmed on Tuesday that the bloc’s economy contracted by 0.3% in the final three months of 2011.
Sentiment was also hit by concerns that Spain will be the next country to require a bailout mounted ahead of an auction of government debt later in the day.
Elsewhere, the yen was higher against the euro with EUR/JPY shedding 0.44%, to hit 109.09.
Later in the day, the U.S. was to produce industry data on non-farm employment change, as well as report by the Institute of Supply Management on service sector activity and government data on crude oil stockpiles.
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