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Forex News: Japanese Yen Lower Against Majors

Japanese Yen Lower Against Majors

12/13/2024 - 12:59:00 (RTTNews)

(RTTNews) - The Japanese yen declined against its major counterparts on Friday amid a jump in U.S. stocks, as Broadcom's strong financial results and AI chip demand lifted investor sentiment for semiconductor stocks.

Broadcom shares are sharply higher after the company reported better than expected fiscal fourth quarter earnings and said it expects continued strong demand for its custom AI chips.

Stocks also benefitted from optimism about the outlook for interest rates ahead of next week's Federal Reserve meeting.

The Fed is widely expected to lower interest rates by another 25 basis points, although traders are likely to pay close attention to the accompanying statement for clues about future rate cuts.

Data from the the Ministry of Economy, Trade, and Industry showed that industrial production in Japan increased less than initially estimated in October

Industrial production rose a seasonally adjusted 2.8 percent month-on-month in October, faster than the 1.6 percent rebound in September. In the flash report, the rate of growth was 3.0 percent.

The yen fell to more than 2-week lows of 153.74 against the greenback and 161.55 against the euro, off its early highs of 152.44 and 159.64, respectively. The next possible support for the currency is seen around 157.00 against the greenback and 165.00 against the euro.

The yen edged down to 97.96 against the aussie and 88.67 against the kiwi, from its early highs of 97.01 and 87.91, respectively. The currency is seen finding support around 99.00 against the aussie and 92.00 against the kiwi.

The yen dropped to 172.19 against the franc and 194.46 against the pound, from an early high of 170.92 and a 2-day high of 192.86, respectively. The currency is likely to locate support around 175.00 against the franc and 198.00 against the pound.

The yen touched a 2-week low of 108.07 against the loonie. If the currency falls further, it is likely to find support around the 111.00 region.

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