Yen Off Recent Multi-year Lows, Looking Further Northwards, Wednesday, June 20, 2007 4:27:51 AM
The Japanese yen strengthened against its major counterparts towards the end of the Asian deals on Wednesday, but the recent Swiss data has brought the pairs down, lately.Despite brief weaknesses on the way, the yen has been on an upward momentum against the major currencies since the beginning of the week. This suggests that the Japanese unit has concluded its recent downtrend, which led the currency to new multi-year lows against its counterparts.
In the early Asian Wednesday deals, the yen strengthened slightly across the board, likely influenced by the economic reports from Japan, but the pairs were uncertain in direction for a few hours before they have gained stronger momentum, lately.
The yen rose across the board around 1:30 am ET, but within less than a couple hours of that, the gains were reversed, highly likely influenced by the Swiss producer and import prices data.
The Japanese yen gained slightly against the U.S dollar in the early Asian session on Wednesday, but the pair entered a downtrend shortly. However, by about 1:30 am ET, the pair regained its momentum and rallied to 123.09 against the previous day`s close of 123.33. The Swiss data has changed the direction lately, and the pair is now trading near 123.3. Overall, the recent deals show that the yen has been on its way up from its multi-year low of 123.74 set on Monday, with a likely near term support level around 122.0.
The Japanese yen made a few advances against the sterling in the early deals on Asian Wednesday, but the pair started weakening, shortly. However, by about 1:45 am ET, the pair regained its momentum and rallied to 244.68 against the previous day`s close of 245.25. The Swiss data has changed the direction lately, and it is now trading near 245.2. Largely, the recent deals confirm that the yen has been on its way up from its multi-year low of 245.46 set on Monday, and a near term resistance level can now be seen around 243.0.
The Japanese yen moved sideways against the euro during the late night deals on Tuesday in New York. Even though the pair showed slight strength amid the Japanese news in the early Asian Wednesday deals, it largely moved between 165.58 and 165.71 until gaining strong ground at about 1:40 am ET. Rallying from the late night range, the pair fetched as high as 165.19 by about 3:30 am ET. However, lately, the Swiss data has pushed the pair down to 165.6. Broadly speaking, if the pair continues its yesterday`s upward trend, a near term level of resistance can be seen around 164.5.
Against the Swiss franc, the yen moved sideways between 99.40 and 99.50 during late night New York deals on Tuesday. However, by about 1:40 am ET Wednesday, the pair gained momentum and it moved to 99.29, its session`s high by around 2:50 am. But the Swiss producer and import prices data has strengthened the franc against its Japanese counterpart lately, and the pair is now trading near 99.6. If the yen moves further lower, 99.70 can be a level of support against the franc in the near term.
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posted by Kalin Tasev @ 3:05 AM
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