Like the US dollar, the Japanese yen strengthens during times of marked risk aversion in the markets - particularly versus high-yielding currencies like the Australian dollar and New Zealand dollar - and today was no exception. In fact, the low-yielding yen gained nearly 2 percent against the US dollar and Swiss franc, 4.5 percent versus the Kiwi and 6.36 percent against the Aussie. However, some of the Japanese yen crosses like EUR/JPY are trading near major support levels, suggesting we could see some sort of bounce overnight or on Wednesday.
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