Yen Extends Rise On BoJ Governor Ueda Comments

The Japanese yen extended its early gain against other major currencies in the European session on Monday, as traders sentiment boosted after the remarks from the Bank of Japan Governor Kazuo Ueda that the central bank could end its negative interest rate policy.

In an interview with the Yomiuri newspaper, the BoJ Governor Ueda said that the BOJ could have enough information by year-end to determine whether it can end negative rates when the achievement of its 2 percent inflation target is in sight.

The safe-haven yen continued its gain against its major counterparts from the Asian session today.

In European trading today, the yen rose to a 6-week high of 156.58 against the euro and a 10-day high of 145.91 against the U.S. dollar, from early lows of 157.70 and 147.14, respectively. If the yen extends its uptrend, it is likely to find resistance around 151.00 against the euro and 142.00 against the greenback.

Against the pound and the Swiss franc, the yen advanced to 1-month highs of 182.69 and 163.84 from early lows of 183.78 and 164.95, respectively. The yen may test resistance near 176.00 against the pound and 158.00 against the franc.