Yen Falls Against Majors

The Japanese yen weakened against the other major currencies in the pre-European session on Wednesday.

The yen fell to a 2-day low of 121.16 against the euro, from an early high of 120.74.

Against the pound and the Swiss franc, the yen dropped to near 2-week lows of 142.77 and 113.75 from early highs of 142.28 and 113.40, respectively.

Against the U.S., the Australian, the New Zealand and the Canadian dollars, the yen slipped to more than a 2-week low of 114.59, a 14-month low of 87.89, an 8-day low of 82.20 and nearly a 3-week low of 87.63 from early highs of 114.22, 87.49, 81.83 and 87.31, respectively.

If the yen extends its downtrend, it is likely to find support around 123.00 against the euro, 146.00 against the pound, 116.00 against the franc, 118.00 against the greenback, 89.00 against the aussie, 84.00 against the kiwi and 89.00 against the loonie.