Investing.com - The dollar traded lower against the yen in Asian trading on Wednesday after surprisingly strong Japanese tertiary data broke.
In Asian trading on Wednesday, USD/JPY hit 79.29, down 0.17%, up from a session low of 79.27 and off a high of 79.36.
The pair was likely to find support at 79.21, the low from July 10, and resistance at 79.58, the high from July 10.
Japan's Tertiary Industry Index, which measures the change in the total value of services purchased by businesses, rose to a seasonally adjusted 0.7% in May, from -0.2% in April, whose figure was revised up from -0.3%.
Markets were forecasting a 0.2% reading.
The news sent investors stocking up on yen positions.
The yen was also stronger as the market awaited the Bank of Japan to announce its decision on interest rates later this week.
The dollar, meanwhile, continued to hover lower against the Japanese currency on talk the Federal Reserve will move to simulate the U.S. economy via monetary easing measures, which weaken the greenback in exchange for a more robust economy.
On Friday, the U.S. Bureau of Labor Statistics reported the economy added a net 80,000 nonfarm payrolls in June, below market forecasts for a gain of around 90,000.
The yen was up against the pound and up against the euro, with GBP/JPY down 0.20% and trading at 123.02 and EUR/JPY down 0.16% and trading at 97.15.
The U.S. is to release official data on its trade balance, its latest figures on crude oil stockpiles, and later, the minutes of the Federal Reserve’s most recent monetary policy meeting.
In Asian trading on Wednesday, USD/JPY hit 79.29, down 0.17%, up from a session low of 79.27 and off a high of 79.36.
The pair was likely to find support at 79.21, the low from July 10, and resistance at 79.58, the high from July 10.
Japan's Tertiary Industry Index, which measures the change in the total value of services purchased by businesses, rose to a seasonally adjusted 0.7% in May, from -0.2% in April, whose figure was revised up from -0.3%.
Markets were forecasting a 0.2% reading.
The news sent investors stocking up on yen positions.
The yen was also stronger as the market awaited the Bank of Japan to announce its decision on interest rates later this week.
The dollar, meanwhile, continued to hover lower against the Japanese currency on talk the Federal Reserve will move to simulate the U.S. economy via monetary easing measures, which weaken the greenback in exchange for a more robust economy.
On Friday, the U.S. Bureau of Labor Statistics reported the economy added a net 80,000 nonfarm payrolls in June, below market forecasts for a gain of around 90,000.
The yen was up against the pound and up against the euro, with GBP/JPY down 0.20% and trading at 123.02 and EUR/JPY down 0.16% and trading at 97.15.
The U.S. is to release official data on its trade balance, its latest figures on crude oil stockpiles, and later, the minutes of the Federal Reserve’s most recent monetary policy meeting.