Forex: Yen losses ground against European currencies

The Yen weakened across the board in the last hours. Against European currencies lost previous gains and now trades with losses for the day.

GBP/JPY bottomed at 148.20, posting a fresh one-week low, but failed to break below. The pair then started to rise and after the report on jobless claims in the U.S. rose further to 149.74, intra-day high. Currently the pair trades at 149.65/70, 0.47% above today’s opening price.

According to Per-Erik Karlsson, technical analyst at Advantage Financial GMBH, GBP/JPY remains bullish while above 147.00 and the pair has a key resistance at 153.30.

EUR/JPY fell to 133.87 earlier in the day but the Yen failed to hold below 134.00 and weakened. The pair is now testing the resistance zone at 135.00 and trades 0.18% above today’s opening price. Per-Erik Karlsson affirms: “Struggling to stay above the 135 level and looks more range bound inside the key resistance of 138.72 and support down at 131 (2 Nov. low).”