FP: Dollar slumps against yen, setting fresh daily low
The U.S. dollar slumped against the yen during afternoon European trading on Tuesday, setting a fresh daily low and erasing earlier gains.
USD/JPY sank to 90.35, the new daily low, after which it rose to hover around 90.42. The pair was likely to find short-term resistance at 90.94, Monday's high, and support around 89.14, last Wednesday's low.
The yen strengthened against the greenback despite the Bank of Japan's release earlier Tuesday of disappointing data on its Monetary Base, which rose in January by 4.9% as opposed to 5%, as expected.
Japan also confounded analyst expectations with its release of data on annual Average Cash Earnings, which decreased 6.1% as opposed to 2.6%, as forecast.
