Yen falls against european currencies

The Japanese currency is losing ground on Tuesday and has erased yesterday’s gains versus European currencies. The rally in the USD/JPY and rising government bond yields send the Yen lower in the market today.

EUR/JPY trades 180 pips above Monday’s lows, earlier it reached a fresh high at 116.15 but failed to hold above 116.00 and pulled back to 115.55. Yesterday the pair started the week tumbling to 113.85, the lowest price in a week.

The Pound rose even further against the Yen and reached weekly highs hours ago. GBP/JPY peaked at 133.10 and retreated afterwards. The area around 133.00/20 continues to hold as a strong resistance. The pair has been moving sideways since the week of May 9, in a range between 130.20 and 133.20.

Source: FXStreet.com