Yen Rises Against Majors

The Japanese yen strengthened against the other major currencies in the Asian session on Thursday. The yen rose to more than a 2-year high of 163.84 against the pound and a 16-month high of 112.53 against the U.S. dollar, from yesterday's closing quotes of 164.56 and 113.32, respectively. Against the euro, the Swiss franc and the Canadian dollar, the yen advanced to 3-week highs of 127.35, 115.93 and 80.89 from yesterday's closing quotes of 127.96, 116.39 and 81.35, respectively. Against the Australian and the New Zealand dollars, the yen climbed to 2-day highs of 80.17 and 75.36 from yesterday's closing quotes of 80.38 and 75.73, respectively. If the yen extends its uptrend, it is likely to find resistance around 162.00 against the pound, 111.00 against the greenback, 126.00 against the euro, 114.00 against the franc, 78.00 against the loonie, 79.00 against the aussie and 73.00 against the kiwi.

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