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Forex - USD/JPY holds steady on solid U.S. data

Published 09/23/2014, 11:47 AM
Updated 09/23/2014, 11:48 AM
Yen rises as dollar rally takes a breather

Yen rises as dollar rally takes a breather

Investing.com - The dollar held steady against the yen on Tuesday, boosted by solid U.S. manufacturing data, though profit taking chipped away at the greenback's gains and sent it dipping into negative territory at times.

In U.S. trading, USD/JPY was down 0.02% at 108.82, up from a session low of 108.27 and off a high of 108.95.

The pair was expected to test support at 106.79, last Tuesday's low, and resistance at 109.19, Monday's high.

The dollar has strengthened against the yen and most other major currencies in recent weeks as investors prep for monetary policy to become less accommodative in the U.S. at a time when Europe and Japan are taking steps to loosen policy.

By Tuesday, investors viewed the dollar's rally as due for a breather and sold the greenback for profits, giving the yen room to strengthen despite solid data out of the U.S.

Markit Economics reported earlier that its preliminary U.S. manufacturing purchasing managers’ index came in at 57.9 in September, unchanged from August and the highest since April 2010 though shy of market calls for a 58.0 reading

A separate report showed that the Federal Reserve Bank of Richmond’s monthly manufacturing index rose to 14 this month from 12 in August, defying market forecasts for a decline to 10.

The yen, meanwhile, was down against the euro and down against the pound, with EUR/JPY up 0.08% at 139.95, and GBP/JPY trading up 0.01% at 178.07.

On Wednesday, markets will move on new home sales numbers.

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