Investing.com - The dollar was lower against the yen on Monday after comments by Japan’s economy minister indicated that excessive gains in the yen have almost been corrected.
USD/JPY hit 102.07 during late Asian trade, the pair’s lowest since Thursday; the pair subsequently consolidated at 102.63, shedding 0.53%.
The pair was likely to find support at 101.82, Thursday’s low and resistance at 103.29, Friday’s high and the pair’s highest since October 2008.
The yen found broad based support after Japan’s Economy Minister Akira Amari indicated that the yen’s correction from excessive strength was almost over and said that further yen weakness could have a negative impact on Japan’s economy.
Demand for the dollar continued to be underpinned amid growing expectations that the Federal Reserve will scale back its easing program this year after data on Friday showed that U.S. consumer sentiment rose to an almost six year high in May.
The yen was higher against the euro, with EUR/JPY down 0.41% to 131.90.
USD/JPY hit 102.07 during late Asian trade, the pair’s lowest since Thursday; the pair subsequently consolidated at 102.63, shedding 0.53%.
The pair was likely to find support at 101.82, Thursday’s low and resistance at 103.29, Friday’s high and the pair’s highest since October 2008.
The yen found broad based support after Japan’s Economy Minister Akira Amari indicated that the yen’s correction from excessive strength was almost over and said that further yen weakness could have a negative impact on Japan’s economy.
Demand for the dollar continued to be underpinned amid growing expectations that the Federal Reserve will scale back its easing program this year after data on Friday showed that U.S. consumer sentiment rose to an almost six year high in May.
The yen was higher against the euro, with EUR/JPY down 0.41% to 131.90.