However, the yen-pairs gained ground around 9:30 pm ET Wednesday. The Japanese currency resumed its upward momentum as traders seemed keen on unwinding carry trade positions again. The spike made the currency hit a 5-month high versus the greenback and 4Ѕ-month highs versus the European majors.
The pairs are now moving sideways as investors await the British retail sales and euro-zone inflation data for July. Deals later in New York session are likely to be influenced by the US July housing starts numbers.
Technically, the major currencies are now testing key support levels slightly above their early March lows versus the Japanese currency. Also, RSI study on daily charts shows that the yen is in overbought positions against all the major currencies.
And, if the yen bounces back from the overbought zone, its 50-day simple moving average of 120.0 could act as a key support level against the dollar. However, if the Japanese currency strengthens further, it could face resistance around the 115.14 level.
The Japanese yen moved up against its US counterpart in the Asian session on Thursday. The pair remained sideways in early Tokyo deals but gained ground towards the end of the session. Up from an Asian low of 116.76, the pair moved to 115.69 by about 11:40 pm ET. This set a 5-month high for the yen, which is a little below the early March high of 115.15. The pair has been now moving sideways around 116.0
Extending the recent gains, the Japanese Yen trended higher against its European counterpart in the Asian deals on Thursday. After moving a little up from yesterday`s intra-day high of 156.68, the pair remained sideways, but it strengthened again and hit 154.98 by about 11:40 pm ET. This set a new multi-month high for the pair. Of late, the yen has dropped a few pips and the pair is now trading near 156.2.
After adding to Wednesday`s intra-day gains through late New York deals the yen remained range-bound against its British counterpart in Thursday`s early-Asian deals. However, the pair gained ground towards the end of the session and it hit a 4 Ѕ -month high of 229.28 by about 11.40 pm ET. Since then, the pair moved sideways and is now trading near 230.2.
Extending the recent gains, the Japanese yen traded higher versus the Swiss currency in the Asian deals on Thursday. The pair was sideways in the early Tokyo deals, but it moved to a new multi-month high of 94.81 by about 11:40 pm ET. This compares to yesterday`s intra-day high of 95.61.Of late, the yen has shed a few pips and the pair is now trading around 95.3.
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