Early on Tuesday, in Asia the Japanese unit gains ground across the board in early Asian trading on as a slide in most of Asia-pacific equities prompted risk-averse traders to move into the lower-yielding yen. The yen thus reached a 4-day high against its major counterparts.
Japan's Nikkei 225 Index is currently down 11 points or 0.11%, to 10,575 and Malaysia's KLSE Composite Index is currently down 2 points to 1,322. South Korea's KOSPI is presently losing 1 point or 0.03% to 1,659 and New Zealand's NZX All Capital Index is presently losing 9 points or 0.29% to 3,199 and New Zealand's NZX 50 Index is currently down 11 points or 0.34% to 3,212.
The yen touched a 4-day high of 122.69 against the euro and 83.90 against the Swiss franc around 8:05 pm ET and this may be compared to Monday's New York session closing values of 123.14 and 84.19, respectively. If the yen gains further, resistance levels are seen at 121.7 against the common currency and 83.40 against the Swiss franc.
The yen also advanced to a 4-day high of 135.22 against the pound and 90.05 against the US dollar during this time, compared to Monday's North American session closing figures of 136.11 and 90.33, respectively. On the upside, the yen may find resistance levels around 134.70 against the pound and 89.8 against the greenback.
The Japanese yen also touched a 4-day high against the commodity-related currencies.
The yen jumped to 87.52 against the Canadian dollar around 8:40 pm ET from previous day's close of 87.95. If the yen gains further, it may find resistance near the 87.3 level. Currently, CAD/JPY pair is quoted at 87.55.
The Japanese currency also climbed to 81.85 against the aussie and 62.93 against the NZ dollar at this time, compared to Monday's North American session closing values of 82.14 and 63.34, respectively. The next upside target levels for the yen are seen around 81.20 against the aussie and 62.70 against the kiwi.
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