Investing.com - The dollar slipped lower against the yen in quiet trade on Monday after data on Friday showing that U.S. new home sales fell saw investors reassess expectations on when the Federal Reserve may start to reduce stimulus measures.
USD/JPY hit 98.45 during late Asian trade, the session low; the pair subsequently consolidated at 98.50, slipping 0.22%.
The pair was likely to find support at 98.00 and resistance at 99.14, Friday’s high and a three-week high.
The dollar pulled away from three-week highs against the yen on Friday after the Commerce Department said U.S. new home sales fell by a larger-than-forecast 13.4% in July, the largest decline in more than three years.
The weak data sparked concerns over the strength of the recovery in the housing sector and fuelled speculation over whether the Fed will start to scale back its USD85 billion-a-month asset purchase program next month.
The yen was also higher against the euro, with EUR/JPY down 0.26% to 131.73.
Investors were looking ahead to U.S. data on durable goods orders later in the day, while trade was expected to remain thin with markets in the U.K. closed for a national holiday.
USD/JPY hit 98.45 during late Asian trade, the session low; the pair subsequently consolidated at 98.50, slipping 0.22%.
The pair was likely to find support at 98.00 and resistance at 99.14, Friday’s high and a three-week high.
The dollar pulled away from three-week highs against the yen on Friday after the Commerce Department said U.S. new home sales fell by a larger-than-forecast 13.4% in July, the largest decline in more than three years.
The weak data sparked concerns over the strength of the recovery in the housing sector and fuelled speculation over whether the Fed will start to scale back its USD85 billion-a-month asset purchase program next month.
The yen was also higher against the euro, with EUR/JPY down 0.26% to 131.73.
Investors were looking ahead to U.S. data on durable goods orders later in the day, while trade was expected to remain thin with markets in the U.K. closed for a national holiday.