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The Australian dollar fell to its lowest level in over three weeks against the yen on Thursday, after the Japanese currency broke a key resistance level that sent it surging against major currencies. A view the US dollar could weaken further sparked the rally in the yen to a 14-year high, a move exacerbated by thin trading. That took a toll on investors' risk appetites, to the detriment of the Aussie.
"It certainly doesn't encourage risk positions to see the yen shooting through like that," said David Scutt, a dealer at Arab Bank. The Aussie fell as far as 79.52 yen, from Wednesday's 81.71. That dragged it down on the US dollar to $0.9223, from the day's high of $0.9324. It could slip further, with some investors unnerved by charts showing the yen may climb more against the US dollar. The next key resistance level is around 84.50.

Copyright Reuters, 2009

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