FXstreet.com (Córdoba) - European currencies are moving away from intra-day highs against the Yen, after they failed to hold above key levels. GBP/JPY is back below 143.00 and is testing levels below a session support at 142.70. The pair peaked earlier at 143.96.
Against the Euro, the Yen is also recovering from previous losses. EUR/JPY is 0.30% above today's opening price but is far form intra-day high that lies at 131.66. On the upside, resistance lies at 132.00 and above at 133.30. In case the Yen rises further, support levels are located at 130.60 and below at 130.00.
Regarding the strength of the yen, Bryan Rich, Currency Specialist from Money and Markets, affirms: No member of the G-7 needs healthy exports more than Japan does. But the new ruling party in Japan has given some early, mixed signals on yen strength. Now, the new Japanese Finance Minister is also giving verbal cues that Japan will take action against a strong yen if necessary.