* Dollar could break 100-yen level this week-strategist
* Chinese trade data awaited; could show export growth
TOKYO, April 10 The yen bobbed around a nearly
four-year low against its U.S. counterparts on Wednesday, with
strategists expecting the Japanese currency to break below the
100-yen level in coming days now that the Bank of Japan has
unleashed its most ambitious monetary expansion campaigns.
Investors also awaited cues from Chinese trade data later in
the session, which could show a pullback in annual export growth
after February's rise.
The dollar was steady from late U.S. levels at 99.05 yen
on trading platform EBS, after rising as high as 99.67
yen on Tuesday, its strongest level since May 2009.
Technical resistance lies at 99.73 yen, which is the 50
percent retracement of the dollar's drop from its June 2007 high
of 124.14 yen to its record low of 75.311 yen set in October
2011. Options barriers also lie around the 100-yen level, market
participants have said.
"Dollar/yen failed to make a run for 100 over the past 24
hours but this does not mean the currency pair will not try
again before the end of the week," said Kathy Lien, director at
BK Asset Management in New York.
"We believe that it will only be a matter of time before
this level is taken out," she said in a note to clients.
The BOJ unveiled a radical monetary policy overhaul last
week aimed at defeating deflation by pumping about $1.4 trillion
yen into the economy and doubling Japan's monetary base in two
The move was even bigger than yen bears had anticipated, and
prompted many strategists to rejig their forecasts in favour of
The euro edged down about 0.1 percent on the Japanese unit
to 129.53 yen, after rising as high as 130.09 yen on
EBS on Tuesday, its loftiest level since January 2010. The euro
was steady against the dollar at $1.30805.
The Australian dollar gave back some of its recent sharp
gains against the yen, buying 103.93 yen after rising
as high as 104.35 yen on Tuesday, its highest since mid-2008.
The Aussie also bought $1.0490, up about 0.1 percent on
Later on Wednesday, investors will be watching the release of
the minutes of the U.S. Federal Reserve's last monetary policy
meeting, for any signal on whether the central bank could slow
or halt its asset buying stimulus.