USD/JPY remains weak below 119.00 after disappointing US data

USD/JPY just wallowed at the lowest level hit on Friday, unable to bounce back up after the tumble following disappointing US durable goods orders data. The pair reached as low as 118.76 in Asian session trading on Monday, and tested they key 119.00 level, without breaking above it. More consolidation is likely ahead of the FOMC statement on Wednesday. This key risk event will be the main driver of the USD/JPY pair.

EUR/JPY did little in Asia and traded between 129.00 and 129.30. Lack of news out of Asia kept volumes low.

EUR/USD traded between 1.0846 and 1.0877, holding onto gains made after the rally on Friday that was mainly due to a broadly weaker USD following weak US data. The Eurogroup meeting in Riga on Friday produced no concrete results so the Greek debt issue remains a key risk for the single currency.

GBP/USD retested the high reached on Friday at 1.5186. The pair held onto gains made at the end of last week and also earlier week gains made after a more hawkish Bank of England minutes.

AUD/USD opened in Asia at 0.7819 and peaked at 0.7836 before slipping to 0.7808. There was no catalyst for the move, no data, just mostly profit taking.

Looking ahead today, the economic calendar is light, with no tier one data. The US will release the Markit flash services PMI data later.

The post USD/JPY remains weak below 119.00 after disappointing US data appeared first on Forex Circles.

Source:: USD/JPY remains weak below 119.00 after disappointing US data

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