The yen extended previous session's rally against its major rivals in early deals on Monday as increasing uncertainties in Europe boosted safe-haven flows into the Japanese unit.
The yen touched nearly 3-month peaks of 102.68 against the euro and 85.51 against the Swiss franc. Both pairs are moving in similar patterns as they are trading well-below the neckline of head and shoulder patterns. The yen is expected to target resistance levels above 102.0 against the single currency and 84.50 versus the alpine unit.
The yen touched nearly 4-month highs of 62.01 against the New Zealand dollar and 79.61 against the Australian dollar in early deals on Monday. On the upside, the Japanese currency may find target levels above 79.50 against the aussie and 61.50 against the kiwi.
The yen also climbed to a 4-day high of 128.17 against the pound around 7:05 am ET. The pound-yen pair is presently worth 128.35 with 127.90 seen as the next likely target level.
by RTT Staff Writer
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