Forex News: Yen Falls Amid Risk Appetite

Yen Falls Amid Risk Appetite

(RTTNews) - The Japanese yen weakened against other major currencies in the Asian session on Monday, as Asian stock markets traded higher, following the broadly positive cues from global markets on Friday, as traders reacted to U.S. data showing much stronger than expected job growth in March that pointed to a robust economy. They also remain cautious ahead of the monetary policy decisions from central banks in the region, including New Zealand and South Korea.

The markets also await reports on consumer and producer price inflation for the month of March from the U.S later in the week.

Crude oil prices also rose, extending recent gains on supply worries due to geopolitical tensions. West Texas Intermediate Crude oil futures for May added $0.32 or 0.37 percent at $86.91 a barrel, settling at a fresh five-month high. WTI crude futures gained 4 percent in the week.

In the Asian trading now, the yen fell to a 5-day low of 151.81 against the U.S. dollar, from Friday's closing value of 151.61. The yen may test support near the 152.00 region.

Against the euro and the pound, the yen slid to 4-day lows of 164.55 and 191.83 from last week's closing quotes of 164.27 and 191.57, respectively. If the yen extends its downtrend, it is likely to find support around 166.00 against the euro and 193.00 against the pound.

Moving away from an early low of 167.80 against the Swiss franc, the yen edged down to 168.15. The yen is likely to find support near the 170.00 region.

Against the Australia and the New Zealand dollars, the yen slipped to 4-day lows of 99.98 and 91.34 from last week's closing quotes of 99.73 and 91.15, respectively. The next possible support level for the yen is seen around 101.00 against the aussie and 93.00 against the kiwi.

The yen edged down to 111.71 against the Canadian dollar, from Friday's closing value of 111.55. The yen may test support near the 113.00 region.

Looking ahead, Eurozone Sentix investor confidence survey results for April is due to be released at 4:30 am ET in the European session.

At 11:15 am ET, Swiss National Bank (SNB) chairman, Thomas Jordan, will deliver a speech on "Towards the future monetary system," event in Zurich, Switzerland.

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