Yen Rises Against Majors

The Japanese yen strengthened against other major currencies in the European session on Wednesday.

The yen rose to a 5-day high of 151.03 against the U.S. dollar and a 2-day high of 163.51 against the euro, from an early 34- year low of 151.97 and a 3-day low of 164.42, respectively.

Against the pound, the yen advanced to a 2-day high of 190.69 from an early low of 191.63.

Against the Swiss franc and the Canadian dollar, the yen climbed to a 3-month high of 166.57 and an 8-day high of 111.06 from early lows of 167.97 and 111.70, respectively.

Against the Australia and the New Zealand dollars, the yen advanced to 2-day highs of 98.53 and 90.66 from early highs of 99.07 and 91.13, respectively.

If the yen extends its uptrend, it is likely to find resistance around 149.00 against the greenback, 161.00 against the euro, 189.00 against the pound, 164.00 against the franc, 109.00 against the loonie, 97.00 against the aussie and 89.00 against the kiwi.