The Japanese yen strengthened against other major currencies in the early Asian session on Wednesday as traders bought safe haven assets amid a batch of soft U.S. economic data.
Lingering worries about the Greece debt crisis also boosted safe haven yen.
The yen reached a new 3-month high of 76.16 against the greenback and a 9-day high of 99.46 against the euro, compared to yesterday's close of 76.27 and 99.80, respectively. The yen is now trading at 76.19 against the greenback and 99.63 against the euro with 76.00 and 99.00, seen as the next upside target levels.
The yen rose to 120.02 against the pound and 75.93 against the loonie and the next upside target level for the yen is seen at 119.5 and 75.5, respectively. At yesterday's close, the yen was worth 120.22 against the pound and 76.09 against the loonie.
Against the kiwi and the franc, the yen gained to 62.84 and a 9-day high of 82.65, respectively. If the yen advances further, it may target 62.5 against the kiwi and 82.00 versus the franc. The yen ended yesterday's trading at 63.07 against the kiwi and 82.92 against the franc.
In the European session, U.K. nationwide house prices January, Switzerland's retail sales for December and SVME manufacturing PMI for January, final January PMI readings from major European economies and the Eurozone CPI estimate for January are slated for release.
Across the Atlantic, the U.S. ADP employment data and ISM manufacturing index for January, construction spending for December are expected in the New York morning session.
For comments and feedback: editorial@rttnews.com