EURJPY Euro vs Japanese Yen

The Japanese yen fell against its most major counterparts in European deals on Friday amid risk appetite, following reports that the United States and China have reached "a deal in principle" to resolve a bruising 17-month trade war.

The two sides are still formulating a written agreement but an "agreement in principle" had been reached, Reuters reported citing a source familiar with the negotiations.

Reports suggested that Washington has offered to slash existing tariffs and cancel new ones set to take effect Sunday as part of a deal to boost Chinese purchases of U.S. farm goods and obtain other concessions.

Although the terms have been agreed, the legal text has not yet been finalized.

Investors cheered U.K. election result showing a majority victory for Prime Minister Boris Johnson, enabling him to push ahead with Brexit.

In economic releases, final data from the Ministry of Economy, Trade and Industry showed that Japan's industrial production declined more than initially estimated in October.

Industrial production fell 4.5 percent month-on-month in October. According to the initial estimate, production had decreased 4.2 percent.

The yen fell to an 11-day low of 109.70 against the greenback and a 5-1/2-month low of 122.65 against the euro, from its early highs of 108.92 and 121.39, respectively. If the yen slides further, it may find support around 111.00 against the greenback and 125.00 against the euro.

Reversing from an early high of 110.72 against the franc, the yen dropped to an 8-month low of 111.78. The next possible support for the yen is seen around the 114.00 level.

The yen declined to 83.38 against the loonie, its weakest since October 29. The yen is seen locating support around the 85.00 region.

The yen held steady against the kiwi, after having dropped to near a 5-month low of 72.65 in the previous session. At yesterday's close, the pair was quoted at 72.10.

After falling to near a 5-month low of 75.98 versus the aussie in the Asian session, the yen wavered through the lower-75 region in the European session. The pair had ended Thursday's deals at 75.52.

Looking ahead, the U.S. business inventories for October, retail sales and export and import prices for November are due out in the New York session.

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