Yen Rises Against Majors
The Japanese yen strengthened against the other major currencies in the Asian session on Monday.
The yen rose to nearly a 5-week high of 158.43 against the pound and a 2-week high of 111.32 against the U.S. dollar, from last week's closing quotes of 158.69 and 111.59, respectively.
Against the euro and the Swiss franc, the yen advanced to a 5-day high of 126.89 and a 4-day high of 116.23 from Friday's closing quotes of 127.12 and 116.37, respectively.
Against the Australian, the New Zealand and the Canadian dollars, the yen climbed to an 8-day high of 85.01, a 6-day high of 76.55 and a 1-week high of 85.33 from last week's closing quotes of 85.69, 76.98 and 86.54, respectively.
If the yen extends its uptrend, it is likely to find resistance around 156.00 against the pound, 110.00 against the greenback, 125.00 against the euro, 114.00 against the franc, 83.00 against the aussie, 74.00 against the kiwi and 83.00 against the loonie.
The material has been provided by InstaForex Company - www.instaforex.com