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by ForexNewsNow Team on August 19, 2010

Yen trims losses versus dollar as key U.S. jobs data awaited

NEW YORK (Forex News Now) – The yen trimmed losses against the dollar on Thursday, rising from a 3-day low, as FX traders awaited a key weekly report on initial U.S. jobless claims.

In European midday currency trading, USD/JPY struck 85.54, up 0.11 percent on the day, after retreating from 85.92, the currency pair’s highest since Monday.

The U.S. Labor Department was later set to release data on the number of new claims for unemployment benefits last week, which was expected to drop slightly.

According to forex analysis, USD/JPY was likely to touch support around the low of Aug. 11, 84.73, and encounter immediate resistance around the high of Aug. 13, 86.37.

Also Thursday, the Jiji news agency quoted a senior Japanese government official as saying that Japan should not intervene in the currency markets now, although intervention could be an option if the yen strengthens further, Reuters reported.

Elsewhere, the yen fell versus sterling: GBP/JPY traded at 133.67, up 0.3 percent.

By ForexNewsNow Team

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