The three-day annual gathering that started yesterday is being attended by Central bankers and economists from around the world.
Yen will deliver a keynote speech on the labor market, a key component influencing the Fed's monetary-policy outlook. Most economists expect Yellen to reiterate view that there is still considerable slack in the labor market, which is backed up by very moderate wage increases.
Yellen's speech will be closely scrutinised for clear hints on when the Fed would start raising rates, after the recent FOMC minutes suggested an active debate among members over whether increases in rates may be needed earlier than anticipated.
The yen climbed to a 2-day high of 103.57 against the US dollar, after falling to 103.94 in early deals. The next possible resistance for the yen is seen around the 103.00 zone.
The yen reversed from early 3-week low of 137.99 against the euro and advanced to a 2-day high of 137.35. If the yen extends rise, it may find resistance around the 136.6 region.
The yen strengthened to 113.56 against the Swiss franc, following more than a 5-week low of 113.98 hit in prior deals. Next likely resistance for the yen may be eyed around the 113.00 level.
The Japanese yen rose to 2-day highs of 171.62 against the Sterling and 94.44 against the Canadian dollar, off an early low of 172.26 and a 6-week low of 94.95, respectively. Continuation of bullish trend may lead the yen to resistance levels of around 171.00 against the pound and 94.00 against the loonie.
The yen rebounded to 87.08 against the kiwi and 96.46 against the aussie, after having fallen to more than a 2-week low of 87.38 and more than a 1-year low of 96.78, respectively in early deals. Further gains of the yen may see it finding resistance around 86.00 against the kiwi and 96.00 against the aussie.
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