13::30 GMT - Mkt. has still been unable to break higher and prices havedropped back last several hours. Initial sup. is still at Fri's low at 0.8956 and the mkt. should rebase around there. Lower sups. are at 0.8951 then 0.8935/40. Res. is at today's high at 0.9013.N.I.
The Japanese yen has edged lower on Monday, as the pair trades in the high-101 range late in the European session. It’s a quiet schedule on Monday, with no major releases. In Japan, today’s sole event is the BOJ Monthly Report. In the US, there was good news as the Empire State Manufacturing Index posted another strong reading. Capacity Utilization Rate and Industrial Production met expectations. There were no surprises from the BOJ, which released a policy statement on Friday. The central bank said expansion of the monetary base would continue at its current level of JPY 60-70 trillion per year. This follows remarks from BOJ Governor Haruhiko Kuroda last week, who noted that the easing measures have led to the economy moving in the right direction. However, the monetary moves have hurt the yen, which continues to trade at very high levels against the dollar, and this trend is likely to continue.