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USD/JPY breaks Friday's low through 107.50

FXStreet (Bali) - Yen strength is the main theme in the early going of Asian markets, with the exchange rate against the US Dollar being paid at Y 107.45 from a 107.65 NY close.

Last Friday, Bank of Japan Governor Kuroda, at a news conference at the G-20 gathering, said that "taken together, a weak yen is positive for Japan’s economy as long as it reflects fundamentals”, adding that "I don’t think there is any difference in views.”

Technically, Jim Langlands, Founder at FXCharts, notes: "There is no real change in the outlook although a return to 110.00 does seem to be rather delayed for now. Below 107.50 would test the daily Tenkan at 107.37 and possibly 107.00, although being a Japanese/US holiday today, I think the action is going to be rather limited."

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ECB's Nowotny: Euro very likely to keep weakening against major currencies

European Central Bank Governing Council member Ewald Nowotny, Ssaid over the weekend, that the Euro is very likely to keep weakening against other major currencies, noting "due to the different tendencies in interest rate policies, there is a great likelihood that this leads to a further depreciation of the Euro.”
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