The Japanese yen rallied across the board on Thursday morning in Asia as most Asian stocks are exhibiting weakness today, prompting traders to seek safe-haven currencies. The yen touched multi-day highs against most majors, barring pound and the Australian dollar.
The yen advanced to a 6-day high of 62.88 against the New Zealand dollar by 9:15 pm ET, compared to 63.64 hit late New York Wednesday. The kiwi-yen pair is presently worth 63.06 with 62.60 seen as the next likely target level.
The Japanese currency climbed to a 3-day high of 84.02 against the Canadian dollar by 9:10 pm ET from 84.25 hit late New York Wednesday. The loonie-yen pair is presently worth 84.10 with 83.0 seen as the next likely target level.
At the same time, the yen rose to a 2-day high of 87.20 against the US dollar, 82.48 against the Swiss franc and 113.19 against the euro and this may be compared to Wednesday’s New York session closing quotes of 87.48, 82.81 and 113.67, respectively.
On the upside, the yen may target resistance levels at 111.90 against the euro, 82.20 against the Swiss franc and 86.30 versus the greenback.
The yen also reached as high as 135.94 against the pound and 77.84 against the Australian dollar before holding steady around 9:15 pm ET. On the upside, the domestic unit may find target levels at 77.30 against the aussie and 134.50 against the pound.