The Japanese yen weakened against other major currencies in the Asian session on Monday, as traders cheered some upbeat domestic earnings and data that showed April producer prices in Japan rose the least in 20 months.

The Nikkei 225 moved above the 29,500 level at 18-month highs. The benchmark Nikkei 225 Index is up 143.97 or 0.49 percent at 29,532.27, after touching a high of 29,629.47 earlier.

Data from the Bank of Japan showed that the producer prices in Japan were up 5.8 percent on year in April, shy of expectations for an increase of 7.1 percent and down from the upwardly revised 7.4 percent jump in March. On a monthly basis, producer prices rose 0.2 percent versus expectations for a gain of 0.1 percent following the upwardly revised 0.1 percent increase in the previous month.

In the Asian trading today, the yen fell to nearly a 2-week low of 136.12 against the U.S. dollar and a 4-day low of 169.65 against the pound, from yesterday's closing quotes of 135.74 and 168.93, respectively. If the yen extends its downtrend, it is likely to find support around 137.00 against the greenback and 173.00 against the pound.

Against the euro and the Swiss franc, the yen dropped to 5-day lows of 147.85 and 151.62 from yesterday's closing quotes of 147.27 and 151.04, respectively. The yen may test support near 152.00 against the euro and 154.00 against the franc.

Against the Australia and the Canadian dollars, the yen slipped to 4-day lows of 90.63 and 100.38 from yesterday's closing quotes of 90.08 and 100.09, respectively. On the downside, 93.00 against the aussie and 102.00 against the loonie are seen as the next support levels for the yen.

The yen edged down to 84.52 against the NZ dollar, from yesterday's closing value of 83.97. The NZD/JPY pair may find its next support level around the 86.00 area.

Looking ahead, German wholesale prices for April is due to be released at 2:00 am ET.

Half-an-hour later, Switzerland producer and import prices for April is slated for release.

In the New York session, Canada housing starts for April and wholesale sales for March, U.S. NY Empire state manufacturing index for May are due.

Grafico Cross Euro vs Yen (FX:EURJPY)

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Grafico Cross Euro vs Yen (FX:EURJPY)

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