Forex Pros – The U.S. dollar surged to a 2-week high against the yen on Wednesday, after data showed that China's exports rose the most in three years, sapping demand for the Japanese currency as the ultimate safe haven.
During afternoon trade, USD/JPY jumped 0.85% to hit 90.73, the pair's highest rate since Feb. 23.
USD/JPY was likely to find resistance at 92.15, the high of Feb. 19, and support at 88.14, last Thursday's low and a 3-month low.
The yen also lost ground against the euro on Wednesday, with EUR/JPY soaring 0.98% to reach 123.56.
Earlier in the day, an industry group said mortgage applications in the United States rose for a second week.
Also Wednesday, Reuters quoted sources as saying that the Bank of Japan was leaning towards easing monetary policy again next week, but there was disagreement among the seven policymakers on its board on how to justify such a move.
