Investors now turn toward the European session of the day, which is going to see the rate decision by the European central bank. As a rate hike by 25 basis points is already factored in the markets, traders will be keenly waiting for the press conference held by Jean-Claude Trichet the president of the European central bank.
The Japanese yen saw little change against the U.S dollar during the Tokyo session on Wednesday. Losing ground at about 7:00 pm ET, the pair moved to its session`s low of 121.52 from 121.29, by about 8:45 pm. Afterwards, the yen rallied and collected the high of the session at 121.22 as of 10:50 pm. However, the extra gains were soon given back and towards the end of the session, the pair has been limiting between 121.34 and 121.41.
After registering strong gains against the euro in the European and North American sessions on Tuesday, the yen largely moved sideways. The pair slightly improved in the initial hours of the Tokyo session on Wednesday leading to its session`s high at 163.92 by about 10:45 pm ET, Tuesday. However, the pair dropped off shortly thereafter and has been currently trading near 164.1. If the pair falls in the coming session, 164.5 will be a likely level of support in the near term.
The Japanese yen rallied against the sterling through the European and the North American sessions on Tuesday, but it trended slightly lower in late New York trading and in the Tokyo session on Wednesday. The pair collected 241.64 at about 3:00 pm ET on Tuesday, but thereafter, it remained in a channel that trended slightly downwards. Of late, amid a strong leading indicator data for April, the yen ticked up by a few pips from 242.2, but the pair largely continued in the downward channel. British Retail Consortium`s shop price indices for the month of May are scheduled to be released in the coming London session, and if the yen weakens further deeper, 242.9 will be a likely level of support for the pair.
The Japanese yen saw choppy trading against the Swiss franc during the European and the U.S. sessions on Tuesday. The pair moved sideways in a loose range during late New York trading, but it strengthened slightly in the initial hours of Tokyo session on Wednesday. However, after hitting a session`s high of 99.51 at 10:45 pm ET Tuesday, the pair dropped off, and it has been currently trading near its previous session`s low of 99.7. The yen recently fell amid the release of the leading indicator data for April.
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