🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Forex - USD/JPY rises after BoJ statement

Published 06/13/2014, 02:40 AM
USD/JPY
-
EUR/JPY
-

Investing.com - The U.S. dollar rose against the yen on Friday, after the Bank of Japan decided to maintain its monetary easing program, while investors eyed the release of U.S. economic reports later in the day.

USD/JPY hit 102.09 during late Asian trade, the session high; the pair subsequently consolidated at 102.00, rising 0.29%.

The pair was likely to find support at 101.60, Thursday\'s low and resistance at 102.39, the high of June 11.

At its monthly policy-setting meeting, the BoJ said it will continue to expand the monetary base at a pace of ¥60 trillion to ¥70 trillion per year, in a widely expected move.

BoJ Governor Haruhiko Kuroda had said last week that the central bank\'s easing measures are having the intended effects and are leading to an improvement in the economy.

Meanwhile, sentiment on the dollar remained vulnerable after the release of mixed U.S. economic reports on Thursday.

The Labor Department reported that the number of people filing for initial jobless benefits in the week ending June 7 increased by 4,000 to 317,000. The consensus forecast had been for a decline of 3,000.

The unexpected increase in jobless claims was not seen as altering the view that the labor market is continuing to gradually improve.

At the same time, U.S. retail sales rose 0.3% in May, falling short of expectations for a 0.6% gain. However, retail sales for April were revised up to a 0.5% gain from a previously reported increase of 0.1%.

The yen was also lower against the euro, with EUR/JPY gaining 0.42% to 138.41.

Later in the day, the U.S. was to release data on producer price inflation and preliminary data on consumer sentiment from the University of Michigan.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.