The Japanese yen slipped against its key counterparts in European deals on Monday, as European stocks rebounded following a meeting between Russian and Ukrainian foreign ministers in Berlin to find a roadmap towards a sustainable ceasefire in eastern Ukraine.
Although no concrete outcome has come out of the meeting, investors remained hopeful that a solution would ultimately emerge.
In Iraq, the U.S. launched fresh airstrikes against Islamic State militants on Sunday in northern region to support Iraqi security forces and Kurdish defense forces.
The yen slipped to 102.56 against the greenback and 137.25 against the euro, off early highs of 102.24 and 136.95, respectively. If the yen continues its slide, it may seek support around 103.5 against the greenback and 138.00 against the euro.
The yen eased back to 113.35 against the Swiss franc, after having touched a high of 113.18 in early deals. Next key support for the yen may be eyed around the 114.00 level.
The yen declined to 171.52 against the pound, its strongest since August 13. The yen may possibly face support around the 172.00 region.
The yen reversed from an early high of 93.90 against the loonie, falling to 94.26. The next possible downside target for the yen is seen around the 95.00 zone.
The yen that ended Friday's trading at 95.33 against the Australian dollar and 86.85 against the NZ dollar edged down to 95.56 and 87.03,respectively. On the downside, the yen may possibly target support around 96.00 against the aussie and 87.6 against the kiwi.
Looking ahead, the U.S. NAHB housing market index for August is due in the New York session.
The material has been provided by InstaForex Company - www.instaforex.com
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