The dollar shot up against the yen on Thursday after U.S. retail
sales figures beat expectations and sent investors taking up
positions on the possibility that the Federal Reserve could
announce plans to scale back its USD85 billion monthly
asset-purchasing program as early as next week.
In U.S. trading on Thursday, USD/JPY was trading at 103.26, up
0.82%, up from a session low of 102.39 and off a high of
The pair was likely to find support at 102.18, Wednesday's low,
and resistance at 103.39, Tuesday's high.
The Commerce Department reported earlier that U.S. retail sales
rose 0.7% in November, beating market expectations for a 0.6%
increase. Core retail sales, which are stripped of automobiles,
rose 0.4%, well above forecasts for a 0.2% increase.