2020.03.1107:55:00UTC+00Yen Higher Amid Rising Risk Aversion

The Japanese yen advanced against its major opponents on Wednesday amid rising risk aversion, as investors were disappointed by lack of details about a proposed U.S. stimulus plan.

On Tuesday, President Donald Trump said that he will discuss a payroll tax cut with Congress and other major stimulus measures, but offered few details.

Coronavirus fears intensified after an increase in imported coronavirus cases in China.

The total number of cases worldwide neared 120,000, with a rapid growth in new infections in Italy, France, Spain, Germany and Iran.

The number of deaths has increased to more than 4,200 people. The total number of cases in the U.S. is now over 955, with at least 29 deaths.

The yen rose to 104.09 against the greenback and 118.11 against the euro, from its early lows of 105.64 and 119.19, respectively. The next possible resistance for the yen is seen around 102.00 against the greenback and 116.00 against the euro.

Reversing from its early lows of 112.39 against the franc and 136.44 against the pound, the yen edged higher to 111.46 and 134.56, respectively. On the upside, 109.00 and 132.00 are possibly seen as the next resistance levels for the yen against the franc and the pound, respectively.

The yen appreciated to 75.95 against the loonie, 65.40 against the kiwi and 67.66 against the aussie, off its previous lows of 76.98, 66.23 and 68.72, respectively. If the yen extends rise, 74.00, 62.00 and 64.00 are possibly seen as its next resistance levels against the loonie, the kiwi and the aussie, respectively.

Looking ahead, U.K. GDP data, industrial production, manufacturing production, construction output and trade data, all for January, are due in the European session.

The Chancellor of the Exchequer, Rishi Sunak, will present U.K. annual budget at 6:30 am ET.

In the New York session, U.S. CPI and monthly budget statement for February are scheduled for release.