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by ForexNewsNow Team on October 12, 2010

Yen rises against dollar despite Japan FX intervention talk

Intraday analysis - a heap of Japanese yenNEW YORK (Forex News Now) – The dollar weakened against the yen on Tuesday, falling below the 82 mark, despite continuing speculation that Japan may again intervene in the FX market to curb the yen’s strength.

In early European currency market trading, USD/JPY hit 81.93, down 0.16 percent on the day, close to a 15-year low.

Earlier Tuesday, official data showed that Japanese consumer morale dropped unexpectedly in September. Japan’s Cabinet Office said its Household Confidence index dropped to from 42.4 to 41.2 during the month, confounding market expectations of a rise to 43.9.

According to intraday analysis, USD/JPY was likely to touch support around 81.73, its lowest since 1995, and encounter immediate resistance around Thursday’s high, 83.03.

The dollar’s losses also came ahead of important data from the United States on import price inflation in September. The U.S. was also to publish its monthly Federal budget statement for the month.

Elsewhere, the yen climbed versus sterling: GBP/JPY traded at 140.05, down 0.23 percent, according to intraday analysis.

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