The dollar moved mostly around ¥105.50 after cutting losses in Tokyo trading Wednesday.
At 5 p.m., the dollar stood at ¥105.42-43, down from ¥105.52-52 at the same time Tuesday. The euro was at $1.1936-1937, up from $1.1893-1893, and at ¥125.83-87, up from ¥125.50-50.
Carrying over its weakness during overseas trading hours stemming from a political stalemate over fresh stimulus measures in the United States, the dollar dropped close to ¥105 in the early morning. But the greenback attracted buying after the 225-issue Nikkei average turned higher, topping ¥105.50 by noon.
In the afternoon, the dollar struggled for direction amid a dearth of major trading incentives.
“The dollar would plunge below ¥105 if it comes explicitly lower than a technical resistance line near ¥105.30,” said an official at a foreign exchange margin trading service company.
Noting that the dollar-yen pair reacted little to former U.S. Vice President Joe Biden’s nomination Tuesday as the Democratic presidential candidate, a domestic securities firm official said, “As the election draws near, players may become sensitive to related media reports.”
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