Dollar jumps against yen as BoJ minutes eyed

ForexNewsNow | Published on July 20, 2010 at 11:37 am

Forex broker reviews

global forex fx trader forex tips JPYNEW YORK (Forex News Now) – The dollar jumped against the yen on Tuesday, as FX traders awaited the publication of minutes from the Bank of Japan’s most recent monetary policy meeting.

In U.S. afternoon currency trading, USD/JPY hit 87.29, up 0.69 percent on the day.

The Bank of Japan was due later in the day to publish the minutes from its June meeting, providing insights into the economic conditions that influenced the bank’s latest interest rates decision.

According to forex analysis, USD/JPY was likely to touch support around the low of July 16, 86.26, and encounter immediate resistance around the high of July 14, 89.11.

Also Tuesday, an official report showed that U.S. housing starts hit their lowest level in eight months in June. But a separate report showed an unexpected increase in building permits during the month, offering hope of a future rise in homebuilding.

Meanwhile, the yen tumbled versus sterling: GBP/JPY traded at 133.37, up 1.01 percent.



Sign up for our Newsletter

Top Forex Brokers

CySEC/FSA Regulated
$5 Min. Deposit
5 Trading Platforms
$2000 Deposit Bonus
No Commissions
Multilanguage Support
US traders accepted
Intuitive trading platform
Free no deposit bonus
Mobile trading

Binary Options Video