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Forex News: Yen Weakens Amid Rising Risk Appetite

Yen Weakens Amid Rising Risk Appetite

05/14/2018 - 03:10:00 (RTTNews)

(RTTNews) - The Japanese yen slipped against its major counterparts in the Asian session on Monday amid rising risk appetite, as Asian shares rose on signs of easing trade tensions between the U.S. and China.

Ahead of high stakes trade talks taking place this week, U.S. President Donald Trump has pledged to help Chinese telecom company ZTE Corp to "get back into business, fast".

Meanwhile, North Korea plans to dismantle its nuclear test site between May 23 and 25, depending on weather conditions, the state-run news agency KCNA reported, citing a statement from the Ministry of Foreign Affairs.

The step comes ahead a crucial summit between its leader Kim Jong Un and U.S. President Donald Trump in Singapore next month.

Investors may also heave a sigh of relief as Italy is now headed towards a coalition government between the "Five Star Movement" and the (formerly "Northern") "League" after two months of paralysis since the March 4 inconclusive general election.

The yen slipped to a 10-day low of 130.92 against the euro, after having advanced to 130.49 at 5:00 pm ET. If the yen continues its fall, 132.00 is possibly seen as its next support level.

The yen dropped to 109.45 against the greenback and 109.46 against the franc, off its early highs of 109.21 and 109.22, respectively. The next possible support for the yen is seen around 111.00 against both the greenback and the franc.

The yen reversed from an early high of 147.95 against the pound, falling to 148.40. The yen is likely to find support around the 150.00 level.

The yen slipped to 85.61 against the loonie and 82.67 against the aussie, reversing from its early highs of 85.42 and 82.41, respectively. On the downside, 87.00 and 84.00 are likely seen as the next support levels for the yen against the loonie and the aussie, respectively.

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