FXstreet.com (Sydney) - The JPY reversed recent losses against the USD and is trading at 89.19. After opening at 89.30 posted an intraday high of 89.44 but had since eased slightly. Outlook for the pair is slightly bearish, finding support at 88.93 and resistance as 89.44.

In the US, the dollar dropped following news that new starts in the housing industry had fallen to six-month lows. The market grew more pessimistic after technology stocks ran out of momentum. These news had a dual negative effect on the Dow Jones and the dollar.

There will be additional economic data coming out of Japan this week when the BoJ holds a press conference tomorrow. This may influence further price fluctuations.