Yen News

USD/Yen marked a high of 76.82 and a low of 76.55 yesterday as the Bank of Japan held off from adding more monetary stimulus as it studied whether a yen near post-World War II highs and slowing growth abroad were damping the economy’s recovery. Governor Masaaki Shirakawa and his policy board members kept the overnight lending rate between zero and 0.1 percent at a meeting in Tokyo today, the central bank said in a statement. BoJ left credit and asset-buying programs totaling 50 trillion yen unchanged, while extending a loan program in earthquake-affected areas. In response to the yen’s gains, the BOJ on Aug. 4 expanded to 15 trillion yen from 10 trillion yen a program to buy assets from government bonds to exchange-traded funds. It also increased a fund to encourage banks to lend to 35 trillion yen from 30 trillion yen. The moves have failed to stem the advance in the Japanese currency, which has climbed almost 3 percent since then. The Nikkei stock average climbed today for a second day of gains, helping to cut its losses for the week to just over 1 percent as hedge funds showed signs of tip-toeing back into the market

DAILY TECHNICAL RESISTANCES AND SUPPORTS CURRENT PRICE: 76.60 RESISTANCES: 77.30 78.00 78.80
Supports: 76.20 75.80 75.40