Speaking to the
However, easy monetary remains appropriate for a considerable period given the economic recovery was not yet complete, Yellen added. A further improvement in the labor market could prompt the Fed to tighten sooner than current projections for a mid-to-late 2015 rate hike.
The yen rose to a 5-month high of 137.35 against the euro and a 1-month high of 113.06 against the Swiss franc, from early lows of 137.53 and 113.19, respectively. The yen may test resistance near 136.06 against the euro and 112.75 against the Swiss franc.
Moving away from an early low of 101.68 against the US dollar, the yen climbed to a 2-day high of 101.50. If the yen extends its uptrend, it is likely to find resistance near the 100.96 region.
Against the Australian dollar, the yen rose to 94.96 from an early low of 95.23. Continuation of the bullish trend may lead the yen to a resistance around the 94.39 mark.
Against the NZ dollar, the yen advanced to a 1-month high of 88.20 from an early low of 88.61. At yesterday's close, the yen was trading at 88.51. On the upside, 86.82 is seen as next resistance level for the yen.
The results of a survey by the
The yen rose to 94.51 against the Canadian dollar and 173.98 against the pound, from early lows of 94.65 and 174.25, respectively. The next possible upside target for the yen lies around 93.96 against the loonie and 172.88 against the pound.
Looking ahead, Eurozone consumer price index for June and construction output for May are due in the European session. In the
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