Forex Pros – The U.S. dollar retreated from a five-week high against the yen on Monday, after the greenbacks gains prompted heavy selling by Japanese exporters to lock in profits.
USD/JPY hit 83.1 during late Asian trade, the daily low; the pair subsequently consolidated at 83.22, shedding 0.23%.
The pair was likely to find supoport at 82.32, last Thursday’s low and resistance at 83.66, Friday’s high and a five-week high.
The greenback has been supported higher U.S. Treasury yields and optimism about the U.S. economic outlook after a string of better-than-expected economic data.
On Thursday, U.S. government data showed that initial claims for jobless benefits fell the previous week to the lowest level since July 2008. They dropped by 36,000, more than forecast, to 383,000, Labor Department figures showed.
The yen was also up against the euro, with EUR/JPY shedding 0.47% to hit 112.49.
Earlier in the day, official data showed that Japan’s gross domestic product fell less-than-estimated in the fourth quarter.
GDP declined by a seasonally adjusted 0.3%, after rising by a revised 0.8% in the preceding quarter, and beating expectations for a decline of 0.5%.
ForexPros.com
