Investing.com - The dollar was lower against the yen on Tuesday as recent gains prompted investors to take profits, but the yen’s weakening trend looked likely to remain intact.
USD/JPY hit 101.27 during late Asian trade, the pair’s lowest since Friday, the pair subsequently consolidated at 101.44, shedding 0.36%.
The pair was likely to find support at 100.53, Friday’s low and resistance at 102.14, Monday’s high and the pair’s highest since October 2008.
The dollar eased against the other major currencies on Tuesday as investors locked in profits ahead of a raft of U.S. economic data later in the week, including reports on industrial production, housing starts, inflation and economic sentiment.
Demand for the dollar continued to be underpinned by speculation over a possible near-term exit from the Federal Reserve’s asset purchase program after recent U.S. data indicated that the economic outlook is improving.
Data on Monday showed that U.S. retail sales unexpectedly rose 0.1% in April.
The dollar briefly rose above 102 per yen on Monday after the Group of Seven industrialized economies refrained from criticizing Japan over policies which have resulted in a weaker yen.
The yen was little changed near three-year lows against the euro, with EUR/JPY dipping 0.07% to 132.00.
The ZEW Institute was to release its closely watched report on German economic sentiment later Tuesday, while the euro zone was to release official data on industrial production.
USD/JPY hit 101.27 during late Asian trade, the pair’s lowest since Friday, the pair subsequently consolidated at 101.44, shedding 0.36%.
The pair was likely to find support at 100.53, Friday’s low and resistance at 102.14, Monday’s high and the pair’s highest since October 2008.
The dollar eased against the other major currencies on Tuesday as investors locked in profits ahead of a raft of U.S. economic data later in the week, including reports on industrial production, housing starts, inflation and economic sentiment.
Demand for the dollar continued to be underpinned by speculation over a possible near-term exit from the Federal Reserve’s asset purchase program after recent U.S. data indicated that the economic outlook is improving.
Data on Monday showed that U.S. retail sales unexpectedly rose 0.1% in April.
The dollar briefly rose above 102 per yen on Monday after the Group of Seven industrialized economies refrained from criticizing Japan over policies which have resulted in a weaker yen.
The yen was little changed near three-year lows against the euro, with EUR/JPY dipping 0.07% to 132.00.
The ZEW Institute was to release its closely watched report on German economic sentiment later Tuesday, while the euro zone was to release official data on industrial production.