Japanese yen is mostly lower today as traders await data. The currency has been gaining against the US dollar, but those gains are now a little bit limited, and things could be turning around for the USD/JPY pair.
There isn’t a lot of data for the Japanese yen to use so far this week. There should be PMI data later in the week, but for now, there isn’t much for the yen to build on. As a result, the yen has been mostly lower as Forex traders consolidate their positions and get ready for the next round of information, and digesting comments from South Korea about Japan’s efforts to keep the yen weak.
Yen has been showing some strength against the US dollar in recent days, but that appears to be fading this morning. While the dollar is still down against the yen, it is paring its earlier losses, and the USD/JPY pair could be moving higher later on. Resistance is expected at a little above the 120 level, so that might account for some of the difficulty seen by the US dollar right now.
At 10:16 GMT USD/JPY is a little bit lower, down to 119.8040 from the open at 119.8580, but is looking to move higher. EUR/JPY is up to 134.6280 from the open at 134.0710. GBP/JPY is also moving higher today, and is at 182.0500, up from the open at 181.9680.
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