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Forex News: Japanese Yen Firms On China Virus Worries

Japanese Yen Firms On China Virus Worries

02/27/2020 - 03:29:00 (RTTNews)

(RTTNews) - The Japanese yen climbed against its major counterparts in the Asian session on Thursday, as the spread of the coronavirus outside China raised concerns of a pandemic.

The sell-off in Asian shares caused by the rapid global spread of deadly coronavirus strengthened the yen.

The novel viral outbreak that began in China has infected more than 82,000 people globally.

Mainland China reported 433 new cases of the infections on Wednesday, up from 406 on the previous day. The total number of confirmed cases on mainland China has now reached 78,497.

On Wednesday, cases were detected for the first time in Brazil, Pakistan, Norway, Greece, Romania and Algeria.

Italian officials are scrambling to contain the outbreak, which has reported 12 deaths and 400 confirmed cases in Europe's worst outbreak of the virus.

The yen advanced to 142.17 against the pound, its strongest since February 13. Against the greenback, the yen was up at a 2-day high of 109.97. The next possible resistance for the yen is seen around 140.00 against the pound and 108.00 against the greenback.

The yen rose to 119.95 against the euro and 112.92 against the franc, from its early lows of 120.37 and 113.25, respectively. The yen is poised to challenge resistance around 118.00 against the euro and 111.00 against the franc.

The Japanese currency appreciated to more than 2-week high of 82.42 against the loonie, near 3-month high of 72.02 against the aussie and a 3-1/2-month high of 69.17 against the kiwi, off its previous lows of 120.37 and 113.25, respectively. If the yen continues its rise, 80.5, 71.00 and 68.00 are possibly seen as its next resistance levels against the loonie, the aussie and the kiwi, respectively.

Looking ahead, Eurozone economic confidence index for February are due out in the European session.

In the New York session, U.S. GDP data for the fourth quarter, weekly jobless claims for the week ended February 22, durable goods orders and pending home sales for January are scheduled for release.

For comments and feedback: contact editorial@rttnews.com

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