Yen Rises To New Multi-day Highs Against Most Majors

(RTTNews) - During early Asian trading on Friday, the Japanese yen staged a strong rally across the board and touched new multi-day highs against most of them.

The yen rose to an 8-day high of 86.50 against the US dollar and 62.42 against the NZ dollar around 8:30 pm ET and this may be compared to yesterday's closing quotes of 86.80 and 62.86, respectively. On the upside, the yen may find resistance levels at 86.30 against the greenback and 60.90 versus the NZ dollar.

Against the Australian dollar, the Japanese currency climbed to a 1-week high of 77.69 by this time and the next upside target for the domestic unit is seen around the 76.50 level. The aussie-yen pair that was worth 78.18 at Thursday's North American close is currently quoted at 77.88.

The yen also advanced to a 3-day high of 112.87 against the euro and 134.97 against the pound around 8:30 pm ET, compared to 113.53 and 135.54, respectively hit late New York Thursday. If the Japanese unit strengthens further, resistance levels are seen at 132.30 against the pound and 111.50 versus the euro.

The yen also rose to as high as 83.12 against the Swiss franc and 83.45 versus the Canadian dollar before moving in a holding pattern around 8:30 pm ET. The yen, which finished Thursday's North American trading at 83.41 against the franc and 83.80 against the loonie is presently quoted at 83.38 and 83.68, respectively.

by RTT Staff Writer

For comments and feedback: contact editorial@rttnews.com