Japanese Yen Gains versus US Dollar

The Japanese yen erased past losses against the US dollar in Asian trading and remained unaffected above 119 handle as investors ignored lackluster macro data from Japan and awaited the GDP report of the US.

The currency pair of USD and JPY traded flat at the 119.20 level and bounced off session highs of 119.41 during the initial session. This pair wiped out previous gains as traders absorbed the weak Consumer Price Index of Japan while retail sales brought about new losses. Investors are expected to look for new incentives henceforth.

In addition, weak treasury yields for both 10-year and 2-year notes also pulled down the USD and JPY. US dollar index traded even at the 97.62 level.

The next resistance is seen at 119.41 levels and can possibly extend gains to 119.85. On the downside, immediate support is perceived at 119 below the 118.65 levels.

Traders are now focusing on vital US macro figures which include gross domestic product along with consumer sentiment statistics for further direction related to the pair.