USD/JPY Touches 97 on Fed Uncertainty

The dollar hit a six-week low against the yen on Wednesday, dented by uncertainty over when the Federal Reserve will start reducing its monetary stimulus.

The dollar came under pressure as a break of 97.50 yen sparked stop-loss selling of the greenback, and the dollar later fell to 97.09 yen on trading platform EBS, its lowest level against the yen since late June.

The greenback later pared some of its losses and last stood at about 97.35 yen, down 0.4 percent from late U.S. trade on Tuesday.

One possible support level for the dollar sits near 96.72 yen, the 61.8 percent retracement of the greenback’s rally from mid-June to early July.


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