Investing.com – The euro was up against the yen on Monday, rising to a 4-day high, amid increased risk appetite after new banking regulations imposed by the Basel Committee on Banking Supervision were less strict than expected.
EUR/JPY hit 107.75 during European morning trade, the pair’s highest since September 7; the pair subsequently consolidated at 107.64, gaining 0.88%.
The pair was likely to find support at 105.78, the low of September 8, and resistance at 109.54, the high of September 3.
On Sunday, the Basel Committee on Banking Supervision agreed on new banking regulations. While the committee increased the amount of capital banks must set aside against potential losses, it gave them up to eight years to comply with the new rules.
The euro was also up against the U.S. dollar, with EUR/USD gaining 1.10% to hit 1.2815.
Earlier in the day, Ichiro Ozawa, who is challenging Prime Minister Naoto Kan for leadership of Japan’s ruling Democratic Party, said that if he was elected he would “take all measures including market intervention to protect Japan's economy".
EUR/JPY hit 107.75 during European morning trade, the pair’s highest since September 7; the pair subsequently consolidated at 107.64, gaining 0.88%.
The pair was likely to find support at 105.78, the low of September 8, and resistance at 109.54, the high of September 3.
On Sunday, the Basel Committee on Banking Supervision agreed on new banking regulations. While the committee increased the amount of capital banks must set aside against potential losses, it gave them up to eight years to comply with the new rules.
The euro was also up against the U.S. dollar, with EUR/USD gaining 1.10% to hit 1.2815.
Earlier in the day, Ichiro Ozawa, who is challenging Prime Minister Naoto Kan for leadership of Japan’s ruling Democratic Party, said that if he was elected he would “take all measures including market intervention to protect Japan's economy".