Investing.com - The dollar was lower against the yen on Thursday as traders took profits following the dollar’s gains in the previous session after the release of stronger than expected U.S. housing data.
USD/JPY hit 99.77 during late Asian trade, the session low; the pair subsequently consolidated at 99.88, shedding 0.38%.
The pair was likely to find support at 99.13, Tuesday’s low and resistance at 100.61, Monday’s high.
The dollar gained ground against the other major currencies on Wednesday after official data showed that U.S. new home sales jumped to a five-year high in June, boosting expectations that the Federal Reserve will start to scale back its bond buying program later this year.
The Commerce Department said U.S. new home sales jumped 8.3% to a seasonally adjusted annual rate of 497,000 units, the highest level since May 2008.
The yen was higher against the euro, with EUR/JPY down 0.30% to 131.95.
The Ifo Institute was to release its report on German business climate later in the trading day, while the U.S. was to produce data on initial jobless claims and durable goods orders.
