The Japanese yen erased its early losses against most major rivals in New York morning deals on Monday.

The yen was trading at 78.05 against the kiwi, 182.32 against the pound and 134.81 against the euro, reversing from its early 5-week low of 78.55, weekly low of 183.20 and a 2-week low of 135.71, respectively.

The yen that declined to near 2-week lows of 124.06 against the franc, 135.71 against the euro and 85.52 against the aussie reversed direction with the pair trading at 123.33, 134.81 and 84.99, respectively.

The next possible resistance for the yen is seen around 180.00 against the pound, 133.00 against the euro, 122.00 against the franc, 84.00 against the aussie and 77.00 against the kiwi.

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