Investing.com - The U.S. dollar is trading modestly higher against the Japanese in Friday’s Asian session as traders lock in some profits on the Japanese currency after bidding it higher on rising Cypus fears.
In Asian trading Friday, USD/JPY is higher by 0.02% at 94.93. The pair is likely to find support at 95.80 and resistance at 96.
According to Japan’s Ministry of Finance, Japanese investors sold JPY427.3 billion in international bonds and notes and JPY537.1 billion in global stocks lost week. Foreign investors sold JPY485.6 billion worth of Japanese sovereign bonds and bought nearly JPY472 billion in Japanese data, the data show.
Elsewhere, technical analysis by Credit Suisse indicates that if USD/JPY cracks resistance at 96.71, the pair could quickly head to 100, its highest level in nearly four years. While yen gained 1.2% against the dollar over the past five days leading up to Friday, the Japanese currency is still the worst-performing developed market currency in the world in 2013.
The yen had gained steam in recent days as traders sought an alternative to the U.S. dollar as news of Cyprus’ possible bankruptcy and possible departure from the euro zone roiled global markets.
On Thursday, Japan’s finance ministry said shipments slipped 2.9% in February, far worse than 1.7% decreased economists expected. Imports climbed nearly 12% creating an overall trade deficit of USD8.1 billion.
Earlier this week, Goldman Sachs boosted its forecast for Japan’s 2013 GDP growth to 2.3% from 2.1%, noting the weaker yen is often quickly seen in imports, but that benefits to exporters take longer to materialize.
Elsewhere, EUR/JPY is up 0.09% at 122.55 while AUD/JPY is down 0.10% at 99. NZD/JPY is higher by 0.08% at 79.
In Asian trading Friday, USD/JPY is higher by 0.02% at 94.93. The pair is likely to find support at 95.80 and resistance at 96.
According to Japan’s Ministry of Finance, Japanese investors sold JPY427.3 billion in international bonds and notes and JPY537.1 billion in global stocks lost week. Foreign investors sold JPY485.6 billion worth of Japanese sovereign bonds and bought nearly JPY472 billion in Japanese data, the data show.
Elsewhere, technical analysis by Credit Suisse indicates that if USD/JPY cracks resistance at 96.71, the pair could quickly head to 100, its highest level in nearly four years. While yen gained 1.2% against the dollar over the past five days leading up to Friday, the Japanese currency is still the worst-performing developed market currency in the world in 2013.
The yen had gained steam in recent days as traders sought an alternative to the U.S. dollar as news of Cyprus’ possible bankruptcy and possible departure from the euro zone roiled global markets.
On Thursday, Japan’s finance ministry said shipments slipped 2.9% in February, far worse than 1.7% decreased economists expected. Imports climbed nearly 12% creating an overall trade deficit of USD8.1 billion.
Earlier this week, Goldman Sachs boosted its forecast for Japan’s 2013 GDP growth to 2.3% from 2.1%, noting the weaker yen is often quickly seen in imports, but that benefits to exporters take longer to materialize.
Elsewhere, EUR/JPY is up 0.09% at 122.55 while AUD/JPY is down 0.10% at 99. NZD/JPY is higher by 0.08% at 79.