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Forex Analysis
by ForexNewsNow Team on October 1, 2010

Intraday analysis: USD/JPY edges closer to 15-year low

Intraday analysis  - Japan's finance minister, Yoshihiko NodaNEW YORK (Forex News Now) – The yen edged toward a 15-year low against the dollar on Friday, in the wake of mixed U.S. economic data and comments by Japan’s finance minister.

In European afternoon currency market trading, USD/JPY hit 83.16, close to the 15-year low of Sept. 15, 82.87. The currency pair later climbed to trade at 83.38, down 0.17 percent on the day.

Speaking at a press conference, Japanese Finance Minister Yoshihiko Noda said earlier that he would continue to take decisive steps on currency moves when necessary, Reuters reported.

The Ministry of Finance said on Thursday that in the month to Sept. 28, Japanese authorities conducted a total of JPY 2.1249 trillion in FX intervention.

According to intraday analysis, USD/JPY was likely to touch support around 82.87 and encounter immediate resistance around the high of Sept. 27, 84.39.

Earlier Friday, a survey of purchasing managers showed that U.S. manufacturing activity slowed more than expected in September.

Elsewhere, the yen slumped versus the euro: EUR/JPY traded at 114.81, up 0.82 percent, according to intraday analysis.

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