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Yen Jumps To Fresh Multi-week Highs Against Majors

4/10/2012 3:47 AM ET

The Japanese yen extended its late Asian session's rally across the board in early European trading on Tuesday.

The yen touched 83.41 against the Australian dollar around 3:35 am ET, its highest level since February 14. The next likely resistance level for the yen is seen at 82.80.

The yen also rose to 5-week highs of 81.07 against the US dollar, 81.21 against the Canadian dollar, 88.22 against the Swiss franc, 66.37 against the NZ dollar and 106.01 against the euro around 3:30 am ET.

If the Japanese currency strengthens further, it may find target levels at 80.60 against the greenback, 80.50 versus the Canadian dollar, 87.70 against the Swiss franc, 105.70 against the euro and 66.15 against the kiwi.

The yen that slipped to a 4-day low of 130.27 against the pound in the morning bounced back to a 4-week high of 128.58 around 3:30 am ET. The pound-yen pair is presently worth 128.87 with 128.30 seen as the next likely target level.

by RTT Staff Writer

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