Forex News: Yen Falls As Oil Resumes Upward Trend Amid

Yen Falls As Oil Resumes Upward Trend Amid Iran Truce Uncertainty

(RTTNews) - The Japanese weakened against other major currencies in the European session on Thursday, as oil prices have increased following a conditional ceasefire agreement between the United States and Iran.

Benchmark Brent crude prices traded up more than 3 percent at $98.15 a barrel after a 13 percent plunge in the previous session.

WTI crude futures for May delivery were up over 3 percent at $97.30 on doubts about the durability of a fragile Middle East ceasefire.

With Israel expanding Lebanon strikes, the Islamic Republic has closed the Strait of Hormuz.

Iran's semi-official news agencies published a chart today, suggesting the country's Revolutionary Guard Navy put sea mines into the Strait of Hormuz during the war.

"The U.S. must choose ceasefire or continued war via Israel. It cannot have both. The world sees the massacres in Lebanon. The ball is in the U.S. court, and the world is watching whether it will act on its commitments," Iran Foreign Minister Araghchi said in a post on X.

Tehran claimed that three clauses of the ceasefire proposal have been contravened. These include the denial of the Islamic Republic's right to enrich uranium, Israel's continued attacks on Lebanon and a drone's entry into Iranian airspace.

Amid a sharp escalation in violence, U.S. Vice President has clarified that the ceasefire agreement did not include Lebanon, calling the confusion a "misunderstanding" by Iranian negotiators.

White House Press Secretary Karoline Leavitt accused Iran of saying "one thing publicly" while communicating something very different behind closed doors, raising questions about whether Washington was misled in high-stakes negotiations.

U.S. President Trump announced that the U.S. military will remain in and around Iran until the "real agreement" on a ceasefire "is fully complied with", warning of more conflict otherwise.

Investors await the U.S. Consumer Price Index (CPI) data for March, which will be released on Friday.

In the European trading today, the yen fell to a 2-month low of 185.80 against the euro, from an early high of 184.92. On the downside, 187.00 is seen as the next support level for the yen.

Against the pound and the Swiss franc, the yen slipped to 2-week lows of 213.40 and 201.14 from early highs of 212.43 and 200.41, respectively. If the yen extends its downtrend, it is likely to find support around 215.00 against the pound and 204.00 against the franc.

Against the U.S. and the Australian dollars, the yen slipped to 159.11 and 112.00 from early highs of 158.62 and 111.57, respectively. The next possible downside target for the yen is seen around 160.00 against the greenback and 114.00 against the aussie.

Against the New Zealand and the Canadian dollars, the yen dropped to more than a 2-week low of 92.82 and a 2-day low of 115.00 from early highs of 92.32 and 114.53, respectively. The yen is likely to find support around 94.00 against the kiwi and 116.00 against the loonie.

Looking ahead, U.S. core PCE price index for February, U.S. GDP Growth Rate for the fourth quarter, personal income and spending for February. U.S. weekly jobless claims data, wholesale inventories for February and U.S. WASDE report are slated for release in the New York session.

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