Yen Rises Amid Rising Risk Aversion
April 16 2017 - 09:39PM
RTTF2
The Japanese yen strengthened against the other major currencies
in the Asian session on Monday amid rising risk aversion, after
North Korea failed in its attempt to test another missile and the
U.S. said it is working with China and other allies to develop a
"range of options" against the country's "provocative and
destabilizing" behavior. Meanwhile, uncertainty about the upcoming
French election also fueled demand for safe-haven assets.
Last Friday, the yen had risen 0.47 percent against the euro,
0.33 percent against the pound, 0.45 percent against the franc and
0.48 percent against the greenback.
In the Asian trading, the yen rose to more than a 5-month high
of 114.85 against the euro, from Friday's closing value of 115.21.
The yen may test resistance near the 113.00 region.
Against the pound and the Swiss franc, the yen advanced to
5-month highs of 135.59 and 107.68 from last week's closing quotes
of 135.92 and 107.96, respectively. If the yen extends its uptrend,
it is likely to find resistance around 133.00 against the pound and
106.00 against the franc.
Against the yen and the Canadian dollar, the yen climbed to
5-month highs of 108.13 and 81.26 from last week's closing quotes
of 108.56 and 81.43, respectively. On the upside, 107.00 against
the yen and 80.00 against the loonie are seen as the next
resistance levels for the yen.
Looking ahead, U.S. Empire State manufacturing index for April
and U.S. NAHB housing market index for April are due to be released
in the New York session.
Most currency markets are closed for Easter holidays.
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