Investing.com - The U.S. dollar traded lower against the Japanese yen during Monday’s Asian session as both countries did their part last Friday to disappoint market participants.
In Asian trading Monday, USD/JPY fell 0.30% to 97.80. The pair is likely to find support at 96.34, the low of April 15 and resistance at 99.40, Friday’s high.
Though widely expected, the Bank of Japan disappointed market participants following its monetary policy meeting last Friday by announcing no new monetary stimulus measures. In one bright spot for yen bears, BoJ did concede that it may take longer than two years to achieve its 2% inflation target, fuelling speculation that the bank may implement additional easing measures later this year.
Still, that was not enough to keep the greenback from backing away from the psychologically important 100 area against its Japanese rival. The yen is still the worst-performing developed market currency in the world this year.
Making matters harder on the dollars were a pair of discouraging data points out of the world’s largest economy Friday. In U.S. economic news, the Commerce Department said U.S. GDP grew 2.5% in the first quarter, missing the consensus estimate of 3% growth.
The Thomson Reuters/University of Michigan Survey of consumer confidence fell 2.8% to 76.4 in April. That reading is the same as April 2012. Economists expected a reading of 73.5
On Monday, the U.S. will release official data on personal income and expenditure, as well as private sector data on pending home sales. Japanese markets are closed Monday due to a public holiday.
Elsewhere, EUR/JPY fell 0.20% to 127.55. AUD/JPY dropped 0.19% to 100.65 while NZD/JPY inched lower by 0.05% to 83.16.
In Asian trading Monday, USD/JPY fell 0.30% to 97.80. The pair is likely to find support at 96.34, the low of April 15 and resistance at 99.40, Friday’s high.
Though widely expected, the Bank of Japan disappointed market participants following its monetary policy meeting last Friday by announcing no new monetary stimulus measures. In one bright spot for yen bears, BoJ did concede that it may take longer than two years to achieve its 2% inflation target, fuelling speculation that the bank may implement additional easing measures later this year.
Still, that was not enough to keep the greenback from backing away from the psychologically important 100 area against its Japanese rival. The yen is still the worst-performing developed market currency in the world this year.
Making matters harder on the dollars were a pair of discouraging data points out of the world’s largest economy Friday. In U.S. economic news, the Commerce Department said U.S. GDP grew 2.5% in the first quarter, missing the consensus estimate of 3% growth.
The Thomson Reuters/University of Michigan Survey of consumer confidence fell 2.8% to 76.4 in April. That reading is the same as April 2012. Economists expected a reading of 73.5
On Monday, the U.S. will release official data on personal income and expenditure, as well as private sector data on pending home sales. Japanese markets are closed Monday due to a public holiday.
Elsewhere, EUR/JPY fell 0.20% to 127.55. AUD/JPY dropped 0.19% to 100.65 while NZD/JPY inched lower by 0.05% to 83.16.