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Forex News: Japanese Yen Appreciates Amid China's Crackdown On Crypto,

Japanese Yen Appreciates Amid China's Crackdown On Crypto, Evergrande Fears

09/24/2021 - 10:35:00 (RTTNews)

(RTTNews) - The Japanese yen climbed against its most major counterparts in the European session on Friday, with China's crackdown on cryptocurrency industry and uncertainty about bond payments by China Evergrande Group denting sentiment.

Chinese authorities said that all digital currency activities are illegal and it would prevent financial institutions and companies from offering services to activities and operations related to these currencies.

Evergrande worries continued as it failed to make payments to all its bondholders by the prescribed deadline on Thursday.

Evergrande's stocks tumbled in Hong Kong, sending ripples across broader Chinese and European equity markets.

Data from the Ministry of Communications and Internal Affairs showed that Japan overall inflation fell 0.4 percent on year in August - shy of expectations for -0.3 percent, which would have been unchanged from the July reading.

Core consumer prices, which exclude volatile food costs, was unchanged on year. That matched forecasts following the 0.2 percent annual decline in the previous month.

The yen rose to 129.38 against the euro and 151.00 against the pound, off its early 10-day low of 129.76 and a 1-week low of 151.73, respectively. The yen is seen finding resistance around 128.00 against the euro and 149.00 against the pound.

The yen edged up to 77.46 against the kiwi and 80.00 against the aussie, rising from its previous 10-day lows of 78.16 and 80.77, respectively. On the upside, 76.00 and 78.00 are possibly seen as the next resistance levels for the yen against the kiwi and the aussie, respectively.

The yen recovered slightly to 119.47 against the franc, after touching 119.74, which was its lowest level since September 13. The yen may face resistance around the 118.00 region.

In contrast, the yen weakened to 110.70 against the greenback, setting a 1-1/2-month low. The yen is likely to target support around the 112.00 mark.

The yen fell back to 87.30 against the loonie, not far from Asian session's more than a 2-week low of 87.32. If the yen slides further, 89.00 is likely seen as its next support level.

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