Of late, the Japanese currency has started ticking up against its counterparts and largely, the yen-pairs are seen uncertain about their direction ahead of key releases in the European session.
The deals in the yen took place amid a lack of data from Japan and ahead of a market holiday in the US, owing to Independence Day celebrations.
Investors are now looking forward to the European session which is going to see a few domestic reports from the euro-zone and the U.K, including euro-zone May retail sales report and the British purchasing manager`s index.
The Japanese yen drifted higher versus the US dollar during the early Asian session on Wednesday. Against the previous day`s New York session close of 122.37, the pair hit as high as 122.20 by about 10:45 pm ET. Thereafter, the yen moved downward, but changed its direction lately. As of now, the pair is worth 122.32 with the immediate upside and downside targets seen around 122.00 and 123.5, respectively.
The Japanese currency improved against the euro during the early Tokyo deals on Wednesday but the gains were given back ahead of key European releases on the day. The recent upward trend helped the pair equal as high as 166.33 by about 10:45 pm ET, compared to the previous day`s close of 166.56. Thereafter, the yen dropped off, and the pair has lately touched 166.77. Investors are now looking forward to the euro-zone retail sales data for May, which has been slated for release at 5:00 am ET.
The Japanese yen picked up a few pips against the sterling in the early Asian session on Wednesday, but after hitting high as 246.54 by about 10:45 pm ET, the pair reversed the trend. This compares to Tuesday`s New York session close of 246.79. The recent fall of the Japanese unit made the pound-yen pair hit 247.25 by about 2:05 am but has been now seeing infirmity in direction. British purchasing manger`s index data for June is expected at 4:30 am ET.
Against the Swiss franc, the Japanese currency strengthened in early Tokyo trading on Wednesday but the pair gave up its advantages toward the end of the session. The uptrend trend helped the pair touch as high as 100.52 by about 10:45 pm ET, compared to the previous session close of 100.62. The downtrend that followed made it touch 100.73 by about 1:00 am ET but has moved in the opposite direction, lately.
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