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Forex - USD/JPY slightly lower on profit-taking

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Investing.com - The U.S. dollar traded slightly lower against the Japanese yen during Tuesday's Asian session due to a bout of profit-taking after the greenback turned in a decent showing against the yen during Monday's U.S. session.

In Asian trading Tuesday, USD/JPY inched down 0.06% to 99.63 after earlier trading as high as 99.71. The pair was likely to find resistance at 99.86, the earlier high, and support at 99.19, the earlier low.

Earlier Tuesday, the Bank of Japan said Japan's monetary base expanded to 36% in June from 31.6% in May. Analysts expected Japan's Monetary base to rise to 41.2% last month.

On Monday, the yen sank and Japanese stocks rallied after Japan's Tankan index of sentiment among large manufacturers jumped up to 4 during the second quarter from -8 in the first quarter, outpacing market calls for a reading of 3.

In U.S. economic news out Monday, the Institute for Supply Management said its June manufacturing index rose to 50.9 from 49 in May. Economists expected a June reading of 50.6. Readings above 50 indicate expansion.

The Commerce Department said May construction spending jumped 0.5% following a 0.1% increase in April. Total spending rose to a seasonally adjusted annual rate of $874.9 billion in May, up 5.4% on a year-over-year basis.

Later Tuesday, the U.S. is scheduled to release official data on factory order.

Elsewhere, EUR/JPY fell 0.07% to 130.12 while AUD/JPY inched down 0.04% to 92.04 ahead of the Reserve Bank of Australia meeting.

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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.

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