Yen Rises Against Majors

The Japanese yen strengthened against the other major currencies in the Asian session on Monday.

The yen rose to 4-day highs of 123.74 against the euro, 156.94 against the pound and 113.54 against the franc, from Friday’s closing quotes of 124.51, 158.03 and 114.18, respectively.

Against the New Zealand and the Australian dollars, the yen advanced to a 5-day high of 74.44 and a 4-day high of 80.62 from last week’s closing quotes of 75.50 and 81.17, respectively.

Against the U.S. and the Canadian dollars, the yen edged up to 113.27 and 83.68 from Friday’s closing quotes of 113.96 and 84.32, respectively.

If the yen extends its uptrend, it is likely to find resistance around 122.00 against the euro, 154.00 against the pound, 112.00 against the franc, 73.00 against the kiwi, 77.00 against the aussie, 111.00 against the greenback and 81.00 against the loonie.

The material has been provided by InstaForex Company – www.instaforex.com