Investing.com - The U.S. Dollar looked to break out of its recent funk against the Japanese yen during Tuesday’s Asian session and caught a bid on the back of more Japanese economic data.
In Asian trading Tuesday, USD/JPY climbed 0.35% to 97.24. The pair is likely to find support at 94.82, the low of June 19 and resistance at 97.80, the high of August 7.
Earlier Tuesday, the Economic and Social Research Institute said that Japan’s core machinery orders fell 2.7% last month after a 10.5% rise in June. That was better than the 7.2% contraction analysts expected.
On Monday, a report showed Japan’s second-quarter GDP grew less than expected. In a report published earlier Monday, data showed Japan’s second-quarter GDP grew 2.6%, well below the growth rate of 3.6% economists expected. The first-quarter growth rate was revised to 3.8%.
"As for the outlook, personal consumption is expected to continue rising moderately. But given capital investment is weaker than personal consumption, we must support a recovery in capital expenditure," said Japanese Economics Minister Akira Amari in a statement.
In a separate report, the Bank of Japan said that Japan’s Corporate Goods Price Index rose 2.2% in July after a 1.2% increase in June. Analysts had expected Japan’s Corporate Goods Price Index to rise to 1.9% last month.
The weaker yen helped Japanese equities to a leadership role in Asia Tuesday with the Nikkei 225 surging 1.38%.
Elsewhere, EUR/JPY gained 0.33% to 129.32 while AUD/JPY rose 0.08% to 88.72. NZD/JPY gained 0.14% to 77.73.
In Asian trading Tuesday, USD/JPY climbed 0.35% to 97.24. The pair is likely to find support at 94.82, the low of June 19 and resistance at 97.80, the high of August 7.
Earlier Tuesday, the Economic and Social Research Institute said that Japan’s core machinery orders fell 2.7% last month after a 10.5% rise in June. That was better than the 7.2% contraction analysts expected.
On Monday, a report showed Japan’s second-quarter GDP grew less than expected. In a report published earlier Monday, data showed Japan’s second-quarter GDP grew 2.6%, well below the growth rate of 3.6% economists expected. The first-quarter growth rate was revised to 3.8%.
"As for the outlook, personal consumption is expected to continue rising moderately. But given capital investment is weaker than personal consumption, we must support a recovery in capital expenditure," said Japanese Economics Minister Akira Amari in a statement.
In a separate report, the Bank of Japan said that Japan’s Corporate Goods Price Index rose 2.2% in July after a 1.2% increase in June. Analysts had expected Japan’s Corporate Goods Price Index to rise to 1.9% last month.
The weaker yen helped Japanese equities to a leadership role in Asia Tuesday with the Nikkei 225 surging 1.38%.
Elsewhere, EUR/JPY gained 0.33% to 129.32 while AUD/JPY rose 0.08% to 88.72. NZD/JPY gained 0.14% to 77.73.