CANBERA (dpa-AFX) - The Japanese yen weakened against other major currencies in the European session on Monday, due to worries about Japanese authorities intervening in the foreign exchange market.
Concerns over Japan's economic future and rising oil prices continue to put pressure on the Japanese yen (JPY).
Following Donald Trump's rejection of Iran's demands regarding the Strait of Hormuz, West Texas Intermediate (WTI) is currently trading at about $95. The Japanese yen is especially susceptible to rising energy prices because of Japan's reliance on energy imports.
According to reports released last week, Tokyo intervened in the foreign exchange market once more during Golden Week for an estimated sum of ¥4 trillion to ¥5 trillion. Atsushi Mimura, Japan's top foreign exchange official, said that more interventions might be made if needed.
In the European trading today, the yen fell to 5-day lows of 185.02 against the euro, 213.83 against the pound and 201.97 against the Swiss franc, from early highs of 184.53, 213.24 and 201.55, respectively. If the yen extends its downtrend, it is likely to find support around 188.00 against the euro, 217.00 against the pound and 204.00 against the franc.
Against the U.S. and the Australian dollars, the yen slipped to 5-day lows of 157.18 and 113.81 from early highs of 156.84 and 113.47, respectively. The yen may test support near 161.00 against the greenback and 115.00 against the aussie.
The yen slipped to a 4-day low of 114.96 against the Canadian dollar, from an early high of 114.63. On the downside, 117.00 is seen as the next support level for the yen.
The yen edged down to 93.53 against the NZ dollar, from an early high of 93.32. The yen is likely to find support around the 94.00 region.
Looking ahead, U.S. existing home sales for April is due to be released in the New York session.
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