Investing.com - The dollar was higher against the yen on Thursday as gains in Asian equities markets curbed safe haven demand for the Japanese currency.
USD/JPY hit 98.12 during late Asian trade, the session high; the pair subsequently consolidated at 98.10, gaining 0.41%.
The pair was likely to find support at 96.95, Tuesday’s low and resistance at 98.69, the high of June 24.
Asian stock markets gained on Thursday as concerns over a credit squeeze and the broader outlook for growth in China eased.
The dollar continued to be supported by expectations that the Federal Reserve will start to scale back its bond buying program later this year, despite a downward revision to U.S. first quarter growth on Wednesday.
The Commerce Department said U.S. gross domestic product expanded at an annual rate of 1.8% in the three months to March, below an earlier estimate of 2.4% growth. Economists had expected the rate of growth to remain unchanged at 2.4%.
The yen was also lower against the euro on Thursday, with EUR/JPY advancing 0.47% to 127.77.
The U.S. was to release the weekly government report on initial jobless claims and a report on pending home sales later Thursday, while Germany was to produce data on unemployment and import prices.
