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Forex News: Japanese Yen Climbs On China COVID Worries

Japanese Yen Climbs On China COVID Worries

12/29/2022 - 04:15:00 (RTTNews)

(RTTNews) - The Japanese yen advanced against its major counterparts in the Asian session on Thursday amid rising risk aversion, as a surge in COVID cases in China dissipated optimism over the reopening of the economy.

U.S. and other countries imposed travel restrictions on visitors from China amid rising COVID-19 infections across the country.

Travelers from China will be required to show a negative Covid-19 test result before entering the U.S.

Italy, Japan, Taiwan and India also imposed mandatory tests for Chinese travelers amid concerns over the spread of infections.

Traders are now looking ahead to next week's closely watched monthly jobs report from the US, which could shed additional light on the outlook for interest rates and the economy.

The yen rose to 133.47 against the greenback, 160.70 against the pound and 144.00 against the franc, from its early lows of 134.45, 161.53 and 144.70, respectively. The next possible resistance for the yen is seen around 113.00 against the greenback, 157.00 against the pound and 125.00 against the franc.

The yen strengthened to 84.45 against the kiwi and 89.91 against the aussie, after falling to 84.89 and 90.60, respectively in early deals. Next key resistance for the currency is likely seen around 82.00 against the kiwi and 88.00 against the aussie.

The yen touched 2-day highs of 141.84 against the euro and 98.20 against the loonie, off its early lows of 142.67 and 98.78, respectively. The yen is seen finding resistance around 139.00 against the euro and 96.00 against the loonie.

Looking ahead, U.S. weekly jobless claims for the week ended December 24 will be published in the New York session.

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