The Japanese Yen rose to its highest against U.S dollar, allowing the JPY/USD to smash a record low at ¥75.76, as Europe's debt crisis continued to spur pessimism while uncertainty still dominating the economic outlook and thus boosting demand on low-yielding assets and currencies throughout today's trading.
In fact, demand for low-yielding assets was mostly seen throughout the week's trading, especially as traders await the results of upcoming meeting the Euro-Area Leaders will be holding in Brussels next Sunday, as bids conflicted whether EU Leaders will find a final cure for the debt crisis, which actually boosted demand for safe havens and low-yielding currencies like the Japanese Yen.
We should mention the ongoing uncertainty was also led by speculation the Federal reserve will activate a third round of quantitative easing, the thing that have significantly raised the pressures on the U.S dollar at the time being.
Meanwhile, the JPY/USD fell to currently trade at ¥76.09 since the ¥76.87 opening level, while recording the highest at ¥76.88 and lowest at ¥75.76. The pair is trying to breach the support level of ¥76.10 while targeting the next support level at $75.80, whereas the key resistance level remains at $76.40.