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by ForexNewsNow Team on September 16, 2010

USD JPY analysis: Dollar pares losses after BOJ data released

Intraday analysis - BOJ chief ShirakawaNEW YORK (Forex News Now) – The dollar pared losses against the yen on Thursday, after Bank of Japan data showed that Japan’s forex intervention on Wednesday may have amounted to around JPY 1.76 trillion to 1.86 trillion.

In European morning currency market trading, USD/JPY hit 85.65, down 0.11 percent on the day, close to Wednesday’s 2-week high of 85.77.

Earlier Thursday, Reuters reported that the BOJ’s projection for Friday’s money market conditions showed there will be JPY 2.26 trillion in payments from the public sector to banks.

According to USD JPY analysis, USD/JPY was likely to touch support around the low of Aug. 30, 84.5, and encounter resistance around the high of Aug. 13, 86.37.

FX traders, meanwhile, awaited the publication of key U.S. data on initial jobless claims, net foreign purchases of U.S. securities, producer price inflation, its current account and manufacturing activity in the Philadelphia area.

Elsewhere, the yen climbed versus sterling: GBP/JPY traded at 133.62, down 0.23 percent, according to intraday analysis.

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