Investing.com - The dollar was steady against the yen on Wednesday, after the yen’s steep decline in the previous session when tensions between Russia and the Ukraine appeared to subside.
USD/JPY touched highs of 102.27 and was last trading at 102.23, moving off the previous session’s lows of 101.39.
The pair was likely to find support at 101.75 and resistance at 102.60.
Global markets recovered on Tuesday as the threat of war between Russia and Ukraine eased after Russian President Vladimir Putin said a military deployment in Ukraine is not needed now. Russia’s defense minister also ordered troops engaged in military exercises close to Ukraine’s borders to return to their bases.
Market sentiment remained fragile, with Russian forces still maintaining a military presence in Ukraine’s Crimea region.
Investors were beginning to turn their attention to Friday’s U.S. nonfarm payrolls report and Thursday’s European Central Bank policy meeting.
The common currency received lingering support after last week’s stronger-than-forecast euro zone inflation data for February eased pressure on the ECB to tighten monetary policy, in order to support the fragile recovery in the region.
EUR/JPY was trading at 140.34, after falling to lows of 139.25 on Tuesday.
Elsewhere, the euro edged lower against the dollar, with EUR/USD dipping 0.04% to 1.3737.
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