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by ForexNewsNow Team on September 13th, 2010

Intraday analysis: Yen approaches 15-year high vs dollar

Intraday analysis - a heap of Japanese yenNEW YORK (Forex News Now) – The yen jumped against the dollar on Monday, approaching a 15-year high, following upbeat economic data from China.

In late European currency market trading, USD/JPY hit -, down – percent on the day, close to the 15-year low of Sept. 8, 83.34.

Over the weekend, official data showed that Chinese industrial production jumped 13.9 percent year-on-year in August; reports on retail sales and consumer price inflation were also encouraging.

According to intraday analysis, USD/JPY was likely to touch support around 83.34 and encounter immediate resistance around the daily high, 84.36.

Also Monday, the European Central Bank Chief, Jean-Claude Trichet, said said the world’s leading central bankers still saw “sustained growth in the emerging world” and “certainly more modest growth” in advanced economies, such as the United States and euro zone.

Elsewhere, the yen fell versus the euro: EUR/JPY traded at 78.25, up 0.32 percent.

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