Forex

Investing.com – The U.S. dollar traded slightly lower against the Japanese yen during Friday’s Asian session after the release of some concerning consumer price inflation data.

In Asian trading Friday, USD/JPY inched lower by 0.05% to 99.22. The pair was likely to find support at 98.47, Tuesday’s low and resistance at 99.75, Wednesday’s high.

Earlier Friday, Japan’s Statistics Bureau said the country’s consumer price inflation fell to -0.5% last month from -0.3% in February. Analysts expected a March reading of -0.4%. Japan’s March CPI data could be a sign the Bank of Japan’s inflation target of 2% could be harder to reach than some had previously hoped.

In a separate report, the Statistics Bureau said that Tokyo’s core CPI, which excludes fresh food costs, increased -0.3% last month from -0.5% in February. Analysts expected Tokyo’s core CPI to rise to -0.4% last month.

Traders will now turn their attention to another BoJ policy meeting later Friday. This is the second meeting under Governor Haruhiko Kuroda.

It is not widely expected to announce any new easing measures after pledging earlier this month to double its asset purchase program over the next two years in order to achieve its 2% inflation target.

Elsewhere, EUR/JPY inched up 0.03% to 129.20. The pair sought to test support at 127.88, Monday’s low, and resistance at 130.67, Monday’ high.

NZD/JPY jumped 0.22% to 84.55 after Statistics New Zealand said the country’s trade balance unexpectedly rose last month to NZD718 million from NZD414 million. Analysts expected the trade balance to decline to NZD373 million.

AUD/JPY rose 0.22% to 102.37.

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