Yen Rallies After Failing to Break 100 Level; Dollar Pares Gains

The yen rallied against all of its 16 most-traded peers after it failed yesterday to weaken beyond 100 to the dollar, a level not seen in four years, and a technical indicator signaled it had fallen too much, too fast.

The Dollar Index pared gains after U.S. retail sales and consumer confidence unexpectedly slid, fueling bets the Federal Reserve will maintain stimulus that may debase the greenback. The Canadian and Australian dollars weakened as risk appetite faded and stocks dropped. The yen still had a weekly loss, dropping after the Bank of Japan announced unprecedented stimulus on April 4 to end 15 years of deflation.