Japanese Yen Weakens on Stronger Asian Stocks - 6.6.2012

The Japanese Yen continues to weaken against its major peers due to speculations after the G-7 call conference that the leading economies will collaborate to handle the Euro-zone crisis. Additionally, Asian stocks advanced today setting pressure on safer haven currencies, like the Yen and the US dollar. The USDJPY reversed the hourly down trend and penetrated the 78.46 ex resistance level and advanced to 79.09, while the Euro broke the 98.29 resistance level against the Yen and increased by 70 points finding resistance at 98.99. The same picture is on the GBPJPY hourly chart: the down trend is reversed and the sterling is strengthening against the Yen, trading at the moment at 122.47.