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Forex News: Yen Falls Ahead Of BoJ Decision

Yen Falls Ahead Of BoJ Decision

07/30/2018 - 08:58:00 (RTTNews)

(RTTNews) - The Japanese yen drifted lower against its key counterparts in the European session on Monday, as investors awaited the Bank of Japan's monetary policy decision due tomorrow for any tweak in its massive asset-purchase program.

The BoJ currently targets yield for 10-year JGBs around zero percent and expands its monetary base by 80 trillion yen annually.

The Federal Open Market Committee is widely expected to leave interest rates unchanged when it meets on Tuesday and Wednesday.

Traders are likely to pay close attention to the accompanying statement for clues about the outlook for rates.

The monthly U.S. jobs report as well as reports on pending home sales, personal income and spending, consumer confidence and manufacturing and service sector activity due this week may also offer further clues on the health of world's largest economy.

Data from the Ministry of Economy, Trade and Industry showed that Japan retail sales recovered in June.

Retail sales climbed 1.5 percent month-on-month in June, reversing a 1.7 percent fall in May. The rate came in line with expectations.

The yen dropped to 111.17 against the greenback in the Asian session and held steady thereafter. At last week's close, the pair was worth 110.97.

The yen fell to 4-day lows of 129.84 against the euro and 111.99 versus the franc, from its early highs of 129.27 and 111.39, respectively. The next likely support for the yen is seen around 132.00 against the euro and 113.00 versus the franc.

The Japanese currency hit a 4-day low of 145.88 against the pound, after having advanced to a 4-week high of 145.26 at 5:00 pm ET. The yen is seen finding support around the 148.5 region.

Figures from the Bank of England showed that UK mortgage approvals increased to a five-month high in June.

The number of mortgage approvals rose to 65,619 in June from 64,684 in May. This was the highest level since January, when approvals totaled 67,156.

Reversing from an early low of 84.89 against the loonie, the yen edged down to 85.18. On the downside, 87.00 is possibly seen as the next support level for the yen.

The yen slipped to a 4-day low of 75.66 against the kiwi, following an advance to 75.33 at 5:00 pm ET. If the yen falls further, 78.00 is possibly seen as its next support level.

The yen held steady against the aussie, after having fallen to 82.23 in the Asian session. The pair ended Friday's trading at 82.16.

Looking ahead, the U.S. pending home sales for June are scheduled for release in the New York session.

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