USD/JPY slips despite weak Japanese data

USD/JPY slipped in Friday’s Asian session to erase gains made on Thursday. The pair eased down from 119.42 to 119.17 as market players booked profits ahead of the weekend. Japan released a slew of economic data which was mixed but nevertheless supported the yen. There was an increase in unemployment and lower than expected consumer prices for January. Retail sales were down 2% from a year earlier.

EUR/JPY see-sawed between 133.52-78 on a broadly weaker euro. The pair could re-test 132.00 and the 130.16 spike low on January 26.

EUR/USD traded a small range in Asia after a huge tumble yesterday to 1.1184. Following yesterday’s plunge, many now eye a retest of the 1.1098 spike low seen on January 26. EUR/GBP saw a fresh trend low of 0.7260. The high was limited to 0.7270.

EUR/CHF fell to the lowest in roughly a week, off modestly from 1.0690 to 1.0653 and continuing lower after weakness overnight.

GBP/USD was bid in Asia, up modestly from 1.5405 to 1.5438 and looking to make tracks away from last night’s 1.5395 low.

USD/CHF rose initially from 0.9521 to 0.9538 before later falling back to 0.9501. It has since bounced in very thin, pre-weekend Asian trading.

AUD/USD opened in Asia at 0.7800. From an early low of 0.7785, it rallied to 0.7816 before falling back to 0.7778. A key risk event for the aussie will be next Tuesday’s RBA meeting when most expect a rate cut.

NZD/USD closed in New York at 0.7530, down as USD rebounded across the board. Weak dwelling consents data may have played a part in the dip through last night’s 0.7516 low and light stops to 0.7514. From here, it rallied back to 0.7551 on Tokyo buying and upbeat business confidence/conditions data.

The post USD/JPY slips despite weak Japanese data appeared first on Forex Circles.

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