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Japanese 10,000 yen, left, and US 100 dollar banknotes arranged for a photograph in Tokyo, Japan, on Friday, May 10, 2024.

The yen remained under pressure on Friday as investors wagered the Bank of Japan would wrap up a policy meeting sounding cautious on further tightening, while the U.S. dollar had its own problems as markets priced in more rapid U.S. rate cuts.

It has been a tough week for the yen, with the euro gaining 2.2% to 159.46 as speculators booked profit on recent long yen positions.

The euro also firmed to $1.1160, up 0.8% for the week and within striking distance of the August peak of $1.1201. A break there would target a July 2023 top of $1.1275.

The dollar was up 1.4% for the week at 142.84 yen , though off an overnight high of 143.95. Resistance was at 144,20, while support lay at the recent trough of 139.58.

The BOJ is widely expected to hold its policy interest rate at 0.25% later on Friday and maintain its view the economy will recover moderately as rising wages underpin consumption.

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