Investing.com - The dollar fell to five-week lows against the yen on Tuesday following the release of disappointing U.S. manufacturing data and as investors awaited the outcome of this week’s Bank of Japan policy meeting.
USD/JPY hit 92.57 during late Asian trade, the pair’s lowest since March 1; the pair subsequently consolidated at 92.92, shedding 0.35%.
The pair was likely to find support at 92.43, the low of March 1 and resistance at 94.10, the high of March 6.
The Institute of Supply Management said its U.S. manufacturing purchasing managers’ index declined to 51.3 in March, its lowest level since December, from 54.2% in February.
Analysts had expected the PMI to remain unchanged last month.
The yen’s gains looked likely to remain limited as expectations for more aggressive easing measures by the BoJ under new Governor Haruhiko Kuroda remained intact.
The yen was higher against the euro, with EUR/JPY slipping 0.16% to 119.62.
The U.S. was to release a government report on factory orders later in the trading day.
USD/JPY hit 92.57 during late Asian trade, the pair’s lowest since March 1; the pair subsequently consolidated at 92.92, shedding 0.35%.
The pair was likely to find support at 92.43, the low of March 1 and resistance at 94.10, the high of March 6.
The Institute of Supply Management said its U.S. manufacturing purchasing managers’ index declined to 51.3 in March, its lowest level since December, from 54.2% in February.
Analysts had expected the PMI to remain unchanged last month.
The yen’s gains looked likely to remain limited as expectations for more aggressive easing measures by the BoJ under new Governor Haruhiko Kuroda remained intact.
The yen was higher against the euro, with EUR/JPY slipping 0.16% to 119.62.
The U.S. was to release a government report on factory orders later in the trading day.