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Forex: USD/JPY advancing firmly around 99.40

FXstreet.com (Barcelona) - The Japanese yen has resumed its depreciation against the greenback on Tuesday, after poor Chinese data from the manufacturing PMI increased the demand for the safe haven, dragging the cross to the vicinity of 98.50, just to rebound later to the current region of 99.40/45.

Market participants are eagerly waiting for the inflation figures in the Japanese economy due on Thursday, ahead of Friday’s BoJ monetary policy meeting and outlook report.

USD/JPY is advancing 0.13% at 99.36 with the next resistance at 99.58 (hourly cloud top) ahead of 99.90 (high Apr.22) and finally 99.95 (2013 high Apr.11).
On the flip side, a breakdown of 98.48 (low Apr.23) would open the door to 98.10 (low Apr.19) en route to 97.82 (hourly low Apr.18).

Forex: EUR/GBP's recovery capped at 0.8535, back to 0.8510

After declining from the intra-day high at 0.8567 to reach fresh daily low at 0.8510, the Euro attempted to recover ground against the Sterling with the EUR/GBP bouncing to 0.8535, but the pair was rejected at this level and currently the cross is trading at 0.8515.
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Even though the aussie managed to bounce from a 6-week low versus the greenback, the recovery was capped by the 1.0270 zone during the American session, as the advance in stocks was not inspiring enough to propel a stronger comeback.
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