Investing.com - The U.S. dollar rose against the Japanese yen during Monday’s Asian session following the release of tertiary industry data.
In Asian trading Monday, USD/JPY rose 0.44% to 94.60 after earlier trading as high as 94.78 and as low as 94.12. Last week, the pair ended the week 3.8% lower, the largest weekly decline since July 2009.
The pair is likely to find support at 92.72, the low of April 4 and resistance at 96.09, Thursday’s high.
The yen rose to multi-month highs against the dollar and the euro earlier the week, following steep falls in Japanese equities after the Bank of Japan disappointed market expectations for measures to ease market volatility.
The BoJ’s lack of action, along with growing expectations that the Federal Reserve will begin to taper its USD85 billion-a-month bond purchasing program, sparked a broad sell-off in risk assets.
In U.S. economic news out last Friday, the Thomson Reuters/University of Michigan's preliminary reading for the June consumer sentiment index fell to 82.7 from 84.5 in May. Economists expected a June reading of 84.5, which was an almost six-year high when reported last month.
That data point sent USD/JPY down 1.26% to close the week.
Earlier Monday, METI said that Japanese tertiary industry activity index remained unchanged at a seasonally adjusted 0.0% in May after falling 1.3% in April. Analysts had expected Japanese tertiary industry activity index to rise 0.2% last month.
Elsewhere, AUD/JPY surged 0.76% to 90.85 after the Australian Bureau of Statistics said new vehicle sales there inched up to a seasonally adjusted 93,209 in May, from 93,182 in April. On a year-over-year basis, the increase was a modest 0.2%.
Meanwhile, NZD/JPY jumped 0.83% to 76.39 while EUR/JPY rose 0.36% to 126.14.