/www.fxserver.com/ The US dollar was higher against the yen, sustaining Friday's gains and testing the 122 yen resistance level, in active Singapore trade although the Japanese market is closed for a holiday, dealers said.
A dealer with a European brokerage said "there is speculation" that the yen will see sharp falls, adding that many US banks are now looking at the Japanese unit to soften towards the 125/usd level.
"The general sentiment is the yen does not reflect its fundamentals and should weaken against the dollar," he said, adding that lingering worries over a possible US-Iraq war are also contributing to the bearish sentiment on the yen.
Singapore 10:56 am New York (Friday) 3.50 pm
Dollar
yen 122.05 up from 121.74
sfr 1.5146 up from 1.5091
Euro
usd 0.9682 down from 0.9721
stg 0.6252 down from 0.6261
yen 118.24 down from 118.37
sfr 1.4675 up from 1.4674
Sterling
usd 1.5485 down from 1.5520
yen 189.08 up from 188.98
sfr 2.3460 up from 2.3428
Australian dollar
usd 0.5482 down from 0.5499
stg 0.3538 down from 0.3541
yen 66.94 down from 66.96
© AFX News