Investing.com - The dollar was higher against the yen on Tuesday as upbeat Chinese data boosted risk appetite and concerns over U.S. military intervention against Syria eased.
USD/JPY hit 100.11 during late Asian trade, the session high; the pair subsequently consolidated at 99.98, gaining 0.41%.
The pair was likely to find support at 99.32, Monday’s low and resistance at 100.61, the high of July 22.
Market sentiment was boosted after U.S. President Barack Obama said he would put plans for a military strike against Syria on hold if the country agrees to a Russian proposal to place its chemical weapons under international control.
Meanwhile, data on industrial production and retail sales from China added to signs that the world’s second largest economy is recovering from a slowdown.
Data released on Tuesday showed that Chinese retail sales rose unexpectedly in August, while Chinese industrial production rose more than forecast last month.
The dollar remained under pressure after the latest U.S. nonfarm payrolls report showed that the economy added fewer jobs than expected in August.
The soft data raised some doubts over whether the Federal Reserve will start to unwind its USD85 billion-a-month asset purchase program at its upcoming policy meeting on September 17-18.
Elsewhere, the yen was lower against the euro, with EUR/JPY advancing 0.48% to 132.58.
In Japan, the minutes of the Bank of Japan’s August meeting said the economy was starting to recover and added that the bank’s massive stimulus program was restraining long-term interest rates.
USD/JPY hit 100.11 during late Asian trade, the session high; the pair subsequently consolidated at 99.98, gaining 0.41%.
The pair was likely to find support at 99.32, Monday’s low and resistance at 100.61, the high of July 22.
Market sentiment was boosted after U.S. President Barack Obama said he would put plans for a military strike against Syria on hold if the country agrees to a Russian proposal to place its chemical weapons under international control.
Meanwhile, data on industrial production and retail sales from China added to signs that the world’s second largest economy is recovering from a slowdown.
Data released on Tuesday showed that Chinese retail sales rose unexpectedly in August, while Chinese industrial production rose more than forecast last month.
The dollar remained under pressure after the latest U.S. nonfarm payrolls report showed that the economy added fewer jobs than expected in August.
The soft data raised some doubts over whether the Federal Reserve will start to unwind its USD85 billion-a-month asset purchase program at its upcoming policy meeting on September 17-18.
Elsewhere, the yen was lower against the euro, with EUR/JPY advancing 0.48% to 132.58.
In Japan, the minutes of the Bank of Japan’s August meeting said the economy was starting to recover and added that the bank’s massive stimulus program was restraining long-term interest rates.