Investing.com - The dollar was lower against the yen for a second day on Wednesday as investors locked in profits after the dollar rose to fresh three-and-a-half-year highs on Tuesday.
USD/JPY hit 95.45 during late Asian trade, the pair’s lowest since March 8; the pair subsequently consolidated at 95.56, down 0.54%.
The pair was likely to find support at 94.77, the low of March 8 and resistance at 96.70, Monday’s high and the pair’s highest since August 2009.
Sentiment on the yen remained weak as expectations for more aggressive easing measures by the Bank of Japan remained intact.
The yen weakened against the dollar on Tuesday after Japanese media reports suggested that BoJ governor nominee Haruhiko Kuroda could begin to implement fresh easing steps after he takes office next week and may not wait for the bank’s upcoming policy meeting in early April.
Meanwhile, the minutes of the central bank’s February meeting showed that some policymakers said bond purchases could be considered as an option for further monetary easing.
Elsewhere, the yen was higher against the euro, with EUR/JPY falling 0.34% to 124.77.
Italy was to hold an auction of three-year and 15-year Italian government bonds later Wednesday, in an important test of investor appetite for the country’s debt. The U.S. was to release official data on retail sales.
