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Forex News: Japanese Yen Climbs On Growth Concerns

Japanese Yen Climbs On Growth Concerns

05/26/2022 - 07:02:00 (RTTNews)

(RTTNews) - The Japanese yen appreciated against its major counterparts in the European session on Thursday, on persistent concerns about an economic slowdown and as the minutes from the Federal Reserve's latest policy meeting indicated more aggressive rate hikes at the next couple of meetings.

The Fed minutes said that all members reiterated their strong commitment and determination to take the measures necessary to restore price stability.

Investors fear that the Fed's commitment to tackle price pressures by raising rates aggressively will derail economic growth.

A warning from Chinese Premier Li Keqiang that some indicators are performing worse than in 2020 also dampened risk sentiment.

The yen edged up to 135.23 against the euro and 159.02 against the pound, up from its prior 2-day lows of 136.55 and 160.83, respectively. The yen is seen finding resistance around 133.00 against the euro and 155.00 against the pound.

The yen touched a 2-day high of 126.55 against the greenback, from a 2-day low of 127.58 seen at 9 pm ET. Next key resistance for the yen is likely seen around the 119.00 level.

The yen reversed from nearly a 3-week low of 132.68 against the franc and gained to 131.79. If the yen rises further, 128.00 is likely seen as its next resistance level.

The yen rose to 98.70 against the loonie and 89.65 against the aussie, after falling to 2-day lows of 99.60 and 90.66, respectively in early deals. The yen is likely to test resistance around 95.00 against the loonie and 86.00 against the aussie.

Bouncing off from a fresh 2-week low of 82.86 hit at 9 pm ET, the yen advanced to 81.88 against the kiwi. On the upside, 79.00 is possibly seen as the next resistance level.

Looking ahead, Canada retail sales for March, U.S. GDP data for the first quarter, weekly jobless claims for the week ended May 21 and pending home sales for April will be released in the New York session.

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