Shutterstock photo
Markets

Forex - USD/JPY rises after BoJ statement

Shutterstock photo

Shutterstock photo

Investing.com -

Investing.com - The U.S. dollar rose against the yen on Friday, after the Bank of Japan decided to maintain its monetary easing program, while investors eyed the release of U.S. economic reports later in the day.

USD/JPY hit 102.09 during late Asian trade, the session high; the pair subsequently consolidated at 102.00, rising 0.29%.

The pair was likely to find support at 101.60, Thursday\'s low and resistance at 102.39, the high of June 11.

At its monthly policy-setting meeting, the BoJ said it will continue to expand the monetary base at a pace of ¥60 trillion to ¥70 trillion per year, in a widely expected move.

BoJ Governor Haruhiko Kuroda had said last week that the central bank\'s easing measures are having the intended effects and are leading to an improvement in the economy.

Meanwhile, sentiment on the dollar remained vulnerable after the release of mixed U.S. economic reports on Thursday.

The Labor Department reported that the number of people filing for initial jobless benefits in the week ending June 7 increased by 4,000 to 317,000. The consensus forecast had been for a decline of 3,000.

The unexpected increase in jobless claims was not seen as altering the view that the labor market is continuing to gradually improve.

At the same time, U.S. retail sales rose 0.3% in May, falling short of expectations for a 0.6% gain. However, retail sales for April were revised up to a 0.5% gain from a previously reported increase of 0.1%.

The yen was also lower against the euro, with EUR/JPY gaining 0.42% to 138.41.

Later in the day, the U.S. was to release data on producer price inflation and preliminary data on consumer sentiment from the University of Michigan.

Investing.com offers an extensive set of professional tools for the financial markets.

Read more News on Investing.com and download the new Investing.com Stocks & Forex App for Android!

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

ForEx