Investing.com - The U.S. traded slightly lower against the
Japanese yen during Friday's Asian following the worst day in
almost two years for U.S. stocks Thursday.
In Asian trading Friday, USD/JPY inched down 0.08% to 97.20. The
pair was likely to find support at 96.19, the session low and
resistance at 99.05, the high of June 11.
Heading into the start of Friday's Asian session, the yen was down
2.8% this week against the greenback, its worst weekly tumble
against the dollar since the first week of April when the Bank of
Japan announced its massive monetary stimulus efforts.
Traders will now turn their attention to a speech later Friday by
Bank of Japan Governor Haruhiko Kuroda. Kuroda is not expected to
make any suprise announcements, but some traders do think it is
only matter of time before BoJ makes another stimulus announcement.
The yen gained some ground against the greenback in recent weeks as
fears about the end of quantitative easing in the U.S. weighed on
riskier assets, sending traders to the yen as a safe-haven play, a
status the Japanese currency just cannot seem to shake.
In U.S. economic news out Thursday, the National Association of
Realtors said existing home sales rose 4.2% in May to an annual
rate of 5.18 million units, the best level since November 2009.
Analysts expected a reading of 5 million units.
The Labor Department said initial claims for jobless benefits rose
18,000 last week to 354,000. Analysts expected a smaller increase
to 340,000. The less-volatile four week average rose just 2,500 to
The Federal Reserve Bank of Philadelphia's general economic rose to
12.5 from -5.2 last month. The reading is the best since April
2011. Readings above zero indicate expansion.
Elsewhere, AUD/JPY inched up 0.06% to 89.57 while EUR/JPY nudged
down 0.05% to 128.51. NZD/JPY rose 0.21% to 75.62.
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