Asian Session Sees U.S. Dollar Trading Moderately Higher than Japanese Yen

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Asian Session Sees U.S. Dollar Trading Moderately Higher than Japanese Yen
Asian Session Sees U.S. Dollar Trading Moderately Higher than Japanese Yen

Following an interesting trading trend over the week, the Asian session today showed that the U.S. Dollar was trading moderately higher in comparison to the Japanese Yen, with traders focusing their attention on the upcoming week’s trends.

During the Asian trading session on Friday, the USD/JPY increased 0.09% to a value of 98.26. The pair was expected to locate support at 97.20 that was Wednesday’s low, and discover resistance at 99.37, which was the high of April 8.

Following a pledge by the BoJ towards doubling its asset purchase program over the period of the next two years, and extending the maturities of the bonds purchased, the U.S. Dollar reached a four-year high value of 99.93 as compared to the Yen last week.

Meanwhile, EUR/JPY advanced 0.16% to 128.34 whereas AUD/JPY increased 0.18% to 101.30.

The Australian dollar is seen to be trading reasonably lower compared to its U.S. counterpart during the Asian session on Friday subsequent to the statements from the International Monetary Fund that the Aussie is overvalued.

During the Asian trading Friday, AUD/USD slid 0.03% to 1.0300. The pair was expected to locate support at a value of 1.0270, which was the session low and a five-week low, and seek resistance at 1.0368, that was seen as the high of February 20.

The AUD/NZD dropped 0.13% to a value of 1.228 whereas EUR/AUD increased 0.08% to 1.2682. AUD/JPY lowered slightly by 0.02% to 101.10.
The U.S. dollar was seen to have mixed trends against its major counterparts during Friday’s Asian subsequent to the first day of the G20 meeting Thursday in Washington.

During the Asian trading session on Friday, the EUR/USD moved slightly higher by 0.01% to 1.3054. The Euro was observed to have notched small gains compared to the greenback following Spain’s Treasury selling EUR1.29 billion valued ten-year government bonds at an average yield of 4.612% initially during the day, and was recorded as the lowest since September 2010 and down from a value of 4.898% at an earlier auction.

GBP/USD is seen to be maintaining flat at 1.5280 following reports from the Office for National Statistics on Thursday that U.K. retail sales slipped 0.7% in March compared to February, slightly less than expectations for a 0.8% decline.