Japanese Yen strength continues

Wed, Jun 17 2009, 00:02 GMT
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FXstreet.com (Buenos Aires) - Japanese yen continues risen early Asia to its highest level in more than a week as the greenback remains under broad pressure while officials of the BRIC group of economies ponder its status as a reserve currency. As the leaders of those emerging economies called early Tuesday for a "more diversified" global currency system, dollar failed to sustain past session gains, and close the day with moderate losses against major rivals, despite falling stocks across the world.

Asia started with Yen as the strongest currency of the board breaking under 133.00 against euro, addressing to key ascendant trend line around 131.00. Dollar/Jpy now at 96.15, already hit yesterday’s low, with 95.20 as a probable target for next hours while Gbp/Jpy now at 157.40 will find support at 156.20 zone, yesterday’s low also 20 SMA with bullish slope in daily charts.

USD/JPY

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