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FXstreet.com (Barcelona) - The pair been unable to shake itself from negative territory this afternoon during the European session Monday, hindered by positive data from the Tankan set of indicators on the Japanese economy and closely followed by the BoJ announcement. After a limited reaction to the U.S. dollar via the Markit manufacturing PMI (June), the pair has oscillated between the range of 79.45 and 79.99 today.

In terms of U.S. data, the Construction Spending index (MoM) has grown +0.9% versus expectations of +0.3%, while the ISM manufacturing PMI index (June) yielded a figure of +49.7 compared to estimates of +52.0 and +53.5 in the previous month. Lastly, the ISM Prices paid (June) reported a figure of +37.0 vs. consensus estimates of +45.8.

Concerning the yen which, "in recent times is the refuge for investors in situations of crisis, does not leave lateralization to the dollar, and thus initiates a narrower price range. To overcome the strong resistance of 80.00, the pair will need accelerate upward, targeting the levels of 80.30 and 80.60."writes Monica Perez, an analyst at Capital & Currencies.

The cross is now operating in the region of 79.55, currently falling -0.36% below its opening price. According to Stoyan Mihaylov, an analyst deltastock.com, the next support will be found at 79.20 (intraday). On the upside, the pair will encounter resistance at 80.60 (intraday).

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