Investing.com – The yen rose to a 3-day high against the U.S. dollar on Monday, following disappointing U.S. jobs data and amid mounting concerns that Europe’s debt crisis will spread.
USD/JPY fell to a 3-day low of 90.97 during early European trade; the pair subsequently consolidated around 91.50, shedding 0.41%.
The pair was likely to find support around 88.96, the low of May 20, and resistance around 92.88, Friday’s high.
Earlier in the day, media outlets reported that incoming Japanese Prime Minister, Naoto Kan, who favors a weaker yen, said he will announce a new strategy for growth and tighter fiscal policy later this month.
The yen was also up against the euro, meanwhile, with EUR/JPY shedding 0.66% to hit 109.22.
Later Monday, the U.S. Federal Reserve was due to publish a report on consumer credit. The chairman of the Federal Reserve, Ben Bernanke, was also due to speak at an event in Washington D.C.
USD/JPY fell to a 3-day low of 90.97 during early European trade; the pair subsequently consolidated around 91.50, shedding 0.41%.
The pair was likely to find support around 88.96, the low of May 20, and resistance around 92.88, Friday’s high.
Earlier in the day, media outlets reported that incoming Japanese Prime Minister, Naoto Kan, who favors a weaker yen, said he will announce a new strategy for growth and tighter fiscal policy later this month.
The yen was also up against the euro, meanwhile, with EUR/JPY shedding 0.66% to hit 109.22.
Later Monday, the U.S. Federal Reserve was due to publish a report on consumer credit. The chairman of the Federal Reserve, Ben Bernanke, was also due to speak at an event in Washington D.C.