Forex Pros – The dollar touched a seven-day low against the yen on Monday, as concerns over growing unrest in the Middle East boosted demand for the safe haven yen.
USD/JPY hit 83.03 during early European trade, the pair’s lowest since February 10; the pair subsequently consolidated at 83.11, slipping 0.08%.
The pair was likely to find support at 82.32, the low of February 10 and resistance at 83.75, last Thursday’s high.
Over the weekend, Libyan leader Muammar Qaddafi’s son called on protesters to engage in dialogue or face a civil war, following attacks by security forces on anti-government protesters, attempting to end his father’s 42-year rule.
Elsewhere, protests also took place in Morocco for the first time and continued in Bahrain and Iran.
The yen was also higher against the euro, with EUR/JPY slipping 0.15% to hit 113.71.
Also Monday, markets in the U.S. were to remain closed for the President’s Day holiday.
ForexPros.com
