The Japanese yen lost ground against other major currencies in the Asian session on Tuesday amid a gain in regional shares.
The Japanese market advanced after plunging sharply in early trades on Tuesday. Japan’s benchmark Nikkei 225 index is trading at 14,260, up 0.83% or 117.73 from its previous close.
In economic news, an index measuring corporate service prices in Japan was down 0.4 percent on year in April at 96.1, the Bank of Japan said. That missed forecasts for a decline of 0.2 percent, which would have been unchanged from the previous month.
On a monthly basis, corporate service prices were down 0.3 percent after rising 0.7 percent in March.
The yen touched a 4-day low of 102.00 against the greenback, nearing its 4-1/2-year low of 103.73 reached last week. On the downside, the yen may find support around 105.00 level.
The yen fell to 4-day lows of 105.42 against the franc and 131.57 against the euro, compared to Monday’s close of 104.75 and 130.49, respectively. If the yen extends downtrend, it may breach 106.00 against the franc and 133.00 against the euro.
The yen slipped to a 4-day low of 153.83 against the pound, reversing from a 3-week high of 151.77 hit last week. The yen may eye support around 155.00 level.
The yen drifted lower against the resource-linked currencies also, touching 4-day lows of 98.26 against the aussie, 82.42 against the kiwi and 98.51 against the loonie. The next downside target level for the yen is seen around 99.00 against the aussie, 83.00 against the kiwi and 100.00 against the loonie.
In the European session, Swiss trade data and German import price index for April are due.
The U.S. consumer confidence for May and S&P/Case-Shiller home price index for March are due in the New York session.