Forex - USD/JPY lower after BoJ minutes
Investing.com - The U.S. dollar was lower against the yen on
Friday, after the minutes of the Bank of Japan's latest policy
meeting showed concern that communication about monetary easing
plans might be destabilizing financial markets.
USD/JPY hit 94.44 during European morning trade, the session low; the pair subsequently consolidated at 94.97, shedding 0.45%.
The pair was likely to find support at 93.79, Thursday's low and a more than one-month low and resistance at 95.80, Thursday's high.
The yen gained ground against the dollar after BoJ policymakers said the bank should specify a 2-year limit for its monetary easing to help quell bond-market volatility, according to the minutes of the BoJ's May 21-22 meeting.
But the greenback remained supported after stronger-than-forecast U.S. economic data on Thursday boosted expectations that the Federal Reserve will unwind its asset purchase program later this year.
The Department of Labor said the number of people who filed for unemployment assistance in the U.S. last week fell by 12,000 to 334,000, compared to expectations for a decline of 1,000 to 345,000.
Separately, the Commerce Department said U.S. retail sales rose 0.6% in May, led higher by increased automobile purchases, beating forecasts for a 0.4% increase.
Core retail sales, which exclude auto sales, were up 0.3%, in line with expectations.
The yen was higher against the euro with EUR/JPY retreating 0.74%, to hit 126.60.
Later in the day, the U.S. was to publish data on producer price inflation, industrial production, the capacity utilization rate, the current account and preliminary data from the University of Michigan on consumer sentiment.
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