Yen Slides To New Multi-week Low Against Euro And Pound
The Japanese yen declined across the board on Wednesday morning in Asia.
The yen plummeted to 113.31 against the euro by 8:15 pm ET, the lowest level since June 21. On the downside, the yen may find support around the 114.20 level. The euro-yen pair that was worth 112.92 at Tuesday’s North American close is currently quoted at 113.01.
The yen also plunged to a new multi-week low of 135.79 against the pound at this time and this may be compared to 134.70 hit late New York Tuesday. If the yen weakens further, support is likely to be seen around the 136.20 level.
The yen slumped to near a 3-week low of 78.89 against the Australian dollar and 64.17 against the NZ dollar by 8:30 pm ET and the next likely support levels for the domestic unit are seen at 80.0 and 64.70, respectively. The yen closed yesterday’s deals at 78.39 against the aussie and 63.89, respectively.
Against the Canadian dollar, the Japanese currency slumped to a 16-day low of 86.49 around 8:15 pm ET and this may be compared to yesterday’s close of 86.18. The loonie-yen pair is presently worth 86.30 with 88.40 seen as the next likely target level.
The yen also slipped to a 2-day low of 89.16 against the US dollar and 84.45 against the Swiss franc by 8:30 am ET and this may be compared to Tuesday’s New York session closing quotes of 88.74 and 84.16, respectively. If the yen weakens further, it may find support levels at 84.80 against the franc and 89.50 versus the greenback.
