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by ForexNewsNow Team on October 8, 2010

USD/JPY rises above 82 after Noda remarks on FX intervention

Intraday analysis  - Japan's finance minister, Yoshihiko NodaNEW YORK (Forex News Now) – The yen trimmed gains versus the dollar on Friday, rising back above the 82 mark, after Japan’s finance minister said the country will continue to intervene to curb a strong yen if necessary.

In New York afternoon currency market trading, USD/JPY hit 82.09, down 0.39 percent on the day, after rising from 81.73, its lowest since 1995.

Japanese Finance Minister Yoshihiko Noda made the comments shortly before G7 and IMF officials met to discuss escalating tension over currency policies.

“We are approaching a G7 meeting, but regardless of this, Japan will take firm measures, including intervention, when needed,” he said,  according to Reuters.

According to intraday analysis, USD/JPY was likely to touch support around 81.73 and encounter immediate resistance around Tuesday’s high, 83.98.

The dollar’s losses also came after Labor Department data showed earlier that hiring by U.S. businesses in September slowed significantly while government jobs disappeared at a record pace.

Elsewhere, the yen climbed versus the euro: EUR/JPY traded at 114. 15, down 0.53 percent, according to intraday analysis.

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