The Japanese yen strengthened against its major counterparts in the Asian session on Monday, as most Asian shares fell amid growing worries about rising U.S.-China trade tensions and its impact on global economic growth after U.S. President Donald Trump warned that planned trade talks with China in September could be called off.

Trump said Friday that Washington was prepared to cancel trade talks with China, escalating fears over a trade war.

Trump also said the U.S. is "not going to do business" with Chinese tech giant Huawei.

The new interim rule forbids the US government agencies from purchasing equipment from Huawei and other specified Chinese companies.

The yen appreciated to 105.31 against the greenback and held steady thereafter. The yen is seen finding resistance around the 104.00 level. The yen strengthened to 118.00 against the euro, a weekly high. On the upside, 117.00 is possibly seen as the next resistance level for the yen.

The yen spiked higher to 126.54 against the pound, its strongest since October 2016. The yen is likely to find resistance around the 124.00 level, if it rises further.

The yen edged up to 108.37 against the Swiss franc, from an early low of 108.66, and held steady thereafter. Next possible resistance for the yen is seen around the 106.00 level.

The yen that closed Friday's trading at 79.92 versus the loonie advanced to 79.66. The next possible resistance for the yen is likely seen around the 77.5 level.

On the flip side, the yen retreated to 71.69 against the aussie and 68.31 against the kiwi, from its early 5-day highs of 71.38 and 67.92, respectively. The yen is likely to face support around 75.00 against the aussie and 71.00 against the kiwi.

Looking ahead, U.S. budget statement for July is due in the New York session.

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