Japanese Yen Higher Amid Risk Aversion
April 20 2020 - 11:46PM
RTTF2
The Japanese yen climbed against its major counterparts in the
Asian session on Tuesday, as Asian shares fell following the weak
cues overnight on Wall Street after crude oil futures turned
negative overnight for the first time in history indicating the
fall in energy demand due to the coronavirus pandemic.
U.S. crude prices bounced back into positive territory after
crashing below $0.00 on Monday.
Reports that North Korean leader Kim Jong Un was in critical
condition after undergoing cardiovascular surgery last week also
dampened sentiment.
The global Covid-19 death toll has topped 170,000, with the U.S.
accounting for the highest number of infections and fatalities in
the world, according to the Johns Hopkins University.
The yen strengthened to 116.33 against the euro, its highest
level since March 12. The yen is likely to face resistance around
the 112.00 region, if it gains again.
After falling to 107.79 at 8:45 pm ET, the yen reversed
direction and hit a 4-day high of 107.40 against the greenback. On
the upside, resistance is likely seen near the 105.00 level.
The yen firmed to 133.18 against the pound, setting a 3-week
high. The next likely resistance for the yen is seen around the
128.00 level.
The yen spiked up to near a 3-week high of 110.62 against the
franc, from Monday's closing value of 111.17. Immediate resistance
for the yen is possibly seen around the 108.00 level.
The yen moved up to near a 3-week high of 75.82 against the
loonie, near 2-week high of 67.57 against the aussie and a 5-day
high of 64.29 against the kiwi, from its early lows of 76.33, 68.36
and 65.13, respectively. The yen may face resistance around 73.00
against the loonie, 65.00 against the aussie and 62.00 against the
kiwi.
Looking ahead, German ZEW economic sentiment index for April is
due in the European session.
Canada retail sales for February and U.S. existing home sales
for March are set for release in the New York session.
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