Yen Advances Against Majors
(RTTNews) - The safe-haven yen strengthened against other major currencies in the Asian session on Monday, as the major currencies failed to sustain their strength due to profit taking.
Meanwhile, the Asian shares showed mixed trading on concerns about China as well as hopes of rate cuts by the Fed, both weighing on sentiment.
Encouraging inflation data from the region as well as growing rate cut expectations and Fed Chair Jerome Powell's comments that inflation was moving in the right direction, upturned the demand for the safe-haven currency.
In the Asian trading today, the yen rose to a 1-month high of 159.11 against the euro and a 4-day high of 168.32 against the Swiss franc, from last week's closing quotes of 159.76 and 168.86, respectively. If the yen extends its uptrend, it is likely to find resistance around 157.00 against the euro and 164.00 against the franc.
The yen advanced to a 2-week high of 185.53 against the pound and nearly a 3-month high of 146.24 against the U.S. dollar, from Friday's closing quotes of 186.57 and 146.81, respectively. The yen may test resistance around 180.00 against the pound and 143.00 against the greenback.
Against the Australia, the New Zealand and the Canadian dollars, the yen rose to 4-day highs of 97.65, 90.89 and 108.39 from last week's closing quotes of 97.98, 91.14 and 108.76, respectively. On the upside, 94.00 against the aussie, 87.00 against the kiwi and 105.00 against the loonie are seen as the next resistance level for the yen.
Looking ahead, U.S. factory orders for October is due to be released in the New York session.
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