Euro Drops to 102.80 against Yen, 12-week Fresh Low - 9.5.2012

The single currency continues declining today against the Japanese Yen and is now trading at fresh lows losing more than 0.5 per cent, reaching the 102.80 support level the lowest since February. The Euro versus the Yen rate opened lower on Monday creating a gap in the hourly chart before bouncing up to find resistance at the 104.44 level on Tuesday. On Wednesday the Yen strengthened against the Euro due to concerns about the global economy and the political uncertainty about the euro-zone, which boosted demand for safer assets. The EUR/JPY was lastly seen at 102.78.