On Tuesday US dollar moved up against the Japanese yen, as markets awaited the speech on economic growth strategy by Japanese Prime Minister Shinzo Abe tomorrow.
USD/JPY reached 100.43 during the later hours of Asian session, currently highest value, after which consolidation followed at 100.30. Support was expected at Monday low, 98.85, while resistance was to be encountered at Monday high, 101.23.
Prime Minister Abe was expected to propose further strategies for Japans economic growth on Wednesday, after the Bank of Japan embarked on large-scale easing, while the government was urged to bolster spending in its struggle with deflation in the third largest economy in the world.
US dollar slid below 100 per yen for the first time since May 9th yesterday, after data stated that US Manufacturing activity shrank for the first time in six months in May. The Institute for Supply Management (ISM) announced its indicator dropped to 49.0, the lowest level since June 2009. This disappointing data caused expectations to lay low for now, that the Federal Reserve Bank would reduce scale of its asset purchasing program some time later this year.
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