2010.07.0722:03:00UTC+00Yen Trades Near 2-month Low Against Swiss Franc

The Japanese yen declined across the board in early Asian trading on Thursday.

The yen tumbled to near a 2-month low of 83.94 against the Swiss franc by 8:30 pm ET and this may be compared to yesterday's close of 83.41. On the downside, the Japanese unit may find support around the 85.60 level.

Against the euro, the yen slumped to a 16-day low of 111.51 around this time and the next likely support level for the domestic unit is seen at 113.40. The euro-yen pair, which finished yesterday's deals at 110.86, is presently quoted at 111.47.

The yen reached a 6-day low of 133.90 against the pound and 88.06 against the US dollar by 8:45 pm ET from its previous session's closing values of 133.25 and 87.72, respectively. If the yen weakens further, support levels are seen at 136.0 against the pound and 88.50 against the greenback.

The Japanese currency also fell to a 9-day low of 76.31 against the Australian dollar and 62.11 against the NZ dollar by 8:50 pm ET, compared to Wednesday's New York session closing quotes of 75.83 and 61.71, respectively. On the downside, the Japanese currency may target support levels at 78.0 against the aussie and 64.60 against the kiwi.

The yen declined to an 8-day low of 84.16 against the Canadian dollar by 8:40 pm ET and this may be compared to Wednesday's North American session closing quote of 83.84. On the downside, the yen may test support around the 86.0 level.

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