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Forex News: Japanese Yen Firms On Fresh Virus Worries

Japanese Yen Firms On Fresh Virus Worries

05/12/2020 - 03:42:00 (RTTNews)

(RTTNews) - The Japanese yen advanced against its major counterparts in the Asian session on Tuesday on safe-haven demand, as China's producer inflation fell deeper into deflation in April and fears of a second wave of virus infections intensified after a fresh outbreak in China, Germany and South Korea.

The central Chinese city of Wuhan reported five new coronavirus cases and South Korea reported its highest number of infections for more than a month driven by a cluster in a Seoul nightlife district after loosening restrictions.

Russia overtook Italy and Britain to report the world's highest tally of cases after the United States and Spain, but President Vladimir Putin announced plans to ease nationwide lockdown measures from Tuesday.

Trade fears renewed after U.S. President Donald Trump refused to re-open "Phase 1" talks with China.

China banned some of its meat exports from Australia in an escalation of tensions amid the coronavirus outbreak.

The yen rose to 132.20 against the pound and 107.35 against the greenback, from its early lows of 132.87 and 107.69, respectively. The next possible resistance for the yen is seen around 128.00 against the pound and 105.00 against the greenback.

Recovering from its early lows of 110.69 against the franc and 116.42 against the euro, the yen edged up to 110.26 and 115.96, respectively. Next key resistance for the yen is likely seen around 107.00 against the franc and 112.00 against the euro.

The yen appreciated to 76.39 against the loonie, after falling to 76.87 at 5:00 pm ET. The yen is poised to find resistance around the 74.00 mark.

The yen gained to 69.14 against the aussie, setting a 4-day high. The yen is seen finding resistance around the 68.00 level.

In contrast, the yen retreated to 65.38 against the kiwi, from a 4-day high of 65.01 hit at 8:45 pm ET. If the yen slides further, it may find support around the 66.00 level.

Looking ahead, U.S. CPI and monthly budget statement for April are set for release in the New York session.

For comments and feedback: contact editorial@rttnews.com

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