Investing.com - After starting Tuesday's Asian on a downbeat
note against the Japanese yen, the U.S. dollar moved higher as
traders seemed to get past the notion that the yen has depreciated
too rapidly against the greenback and other major currencies.
In Asian trading Tuesday, USD/JPY jumped 0.12% to 90.97. The pair
traded as high as 90.97 and as low as 90.41 after touching 91.25
during Monday's U.S. session. The pair was likely to find support
at 88.06, Wednesday's low, and resistance at 91.25, the earlier
The dollar was also propped by some decent economic reports
released Monday. In U.S. economic news, the Commerce Department
said durable goods orders jumped 4.6% last month. Core durable
goods orders increased 0.2%.
The National Association of Realtors said its index for pending
home sales fell 4.3% in December from November to 101.7. That is
still almost 7% higher than the December 2011 reading.
In the spot market, the yen has plunged 5.5% in the past month
alone, making the worst performer among the 10 major developed
market currencies. The yen has been a downward spiral against the
dollar and other majors since mid-November when Shinzo Abe began
campaigning for Japan's premiership on a platform of increased
inflation and unlimited monetary easing.
There is a chance USD/JPY could see further upside as traders
possibly stoke risk appetite further in a week chock full of
earnings and economic reports in the U.S. On Tuesday in the U.S.,
the Conference Board is to publish a report on U.S. consumer
confidence, while Case-Shiller is to release a report on U.S. house
Later this week, the Commerce Department releases an initial
reading of U.S. fourth-quarter GDP growth and the Labor Department
will unveil the January jobs report on Friday. Both reports have
the potential to send the yen tumbling against riskier currencies.
Elsewhere, AUD/JPY surged 0.32% to 94.94 while EUR/JPY rose 0.07%
to 122.36. NZD/JPY jumped 0.37% to 76.06.
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