The dollar's 11-month rally saw it rise 27.5
percent between May 2014 and March 2015, while its recent pullback has
been about 7.4 percent, Chandler said. The minimum Fibonacci 38.2
percent retracement lies near 92.20, he added, with resistance now seen
near 94.00.
The dollar edged up about 0.3 percent against its Japanese counterpart to 119.60 yen JPY=, down from a session high of 119.77 yen and within a familiar range that has held since last month.
The Bank of Japan is widely expected to maintain the current pace of monetary expansion at its policy review on Friday.
BOJ Governor Haruhiko Kuroda said last week that he did not see any immediate need for further monetary easing as the broad trend of inflation was steadily improving.
Data released earlier on Monday showed Japan's core machinery orders grew in March for the first time in two months but were seen sliding in the current quarter, suggesting that weak capital spending could further sap economic momentum.
The New Zealand dollar was a significant mover in Asian trade, tumbling on news of a capital gains tax on New Zealand property investments which added to rate-cut speculation.
New Zealand's government on Sunday said that income gained on residential properties sold within two years of purchase would be taxed at up to 33 percent.
The kiwi NZD=D4 dropped about 0.7 percent to $0.7432, while the euro added about 0.6 percent to buy NZ$1.5382 EURNZD=R after touching a three-month high of NZ$1.5404.
The Bank of Japan is widely expected to maintain the current pace of monetary expansion at its policy review on Friday.
BOJ Governor Haruhiko Kuroda said last week that he did not see any immediate need for further monetary easing as the broad trend of inflation was steadily improving.
Data released earlier on Monday showed Japan's core machinery orders grew in March for the first time in two months but were seen sliding in the current quarter, suggesting that weak capital spending could further sap economic momentum.
The New Zealand dollar was a significant mover in Asian trade, tumbling on news of a capital gains tax on New Zealand property investments which added to rate-cut speculation.
New Zealand's government on Sunday said that income gained on residential properties sold within two years of purchase would be taxed at up to 33 percent.
The kiwi NZD=D4 dropped about 0.7 percent to $0.7432, while the euro added about 0.6 percent to buy NZ$1.5382 EURNZD=R after touching a three-month high of NZ$1.5404.
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