Japanese Yen Unable to Profit from China’s Poor Data

The Japanese yen was among losers on the Forex market today, failing to capitalize on poor economic data released from China over the weekend.
The yen had attempted to rally earlier during the current trading session but has failed and is trading lower versus its most-liquid peers. The threat of an intervention and monetary accommodation from Japan’s central bank adds to the downside momentum of the currency. Analysts say that traders are focused on the GDP report due to release on May 18, which is expected to show small growth by 0.1%.
USD/JPY ticked up from 108.62 to 108.86 as of 13:32 GMT today. EUR/JPY gained from 122.86 to 123.38 after falling to 122.61 earlier today.

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