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by ForexNewsNow Team on October 7th, 2010

USD/JPY hits new 15-year low as FX traders await BOJ minutes

Intraday analysis - BOJ chief ShirakawaNEW YORK (Forex News Now) – The yen advanced to a fresh 15-year high against the dollar on Thursday, as FX traders awaited the publication of minutes from key Bank of Japan policy-setting meetings.

In European afternoon currency market trading, USD/JPY hit 82.11, its lowest since 1995. The currency pair later rose slightly to trade at 82.41, down 0.63percent on the day.

The yen’s gains also came amid speculation that the Federal Reserve will step up purchases of government debt to support the faltering U.S. economic recovery.

According to intraday analysis, USD/JPY was likely to touch support around 82.74 and encounter immediate resistance around the high of Sept. 27, 84.39.

Meanwhile, FX traders were also awaiting the release of key U.S. jobs data on Friday: a government report on nonfarm employment change in September, and the announcement of the U.S. unemployment rate.

The unemployment rate was expected to rise from 9.6 percent to 9.7 percent, two currency market trading news outlets reported.

Elsewhere, the yen surged versus the euro: EUR/JPY traded at 114.51, down 0.88 percent, according to intraday analysis.

By ForexNewsNow Team

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