The Japanese yen advanced against its major counterparts in the early European session on Friday amid safe-haven status, as investors awaited U.S. inflation data for more clues about the Federal Reserve's policy outlook.

The U.S. CPI is expected to remain at 8.3 percent year-on-year in May. Core inflation is expected to slow to 5.9 percent from 6.2 percent.

Investors fear that aggressive rate hikes from the Fed to combat inflation could undermine growth.

The Fed meeting is due next week, with economists expecting a rate hike of 50 basis points amid soaring inflation.

Worries about the Covid situation in China also dampened investor sentiment, as Shanghai and Beijing have imposed fresh restrictions just a few days after loosening them.

The yen appreciated to 136.47 against the franc and 133.36 against the greenback, off its previous lows of 137.14 and 134.48, respectively. The yen is seen finding resistance around 131.00 against the franc and 126.00 against the greenback.

The yen climbed to a 2-day high of 141.83 against the euro and a 3-day high of 104.99 against the loonie, up from its early lows of 142.79 and 105.89, respectively. Should the yen rises further, it may find resistance around 136.00 against the euro and 101.00 against the loonie.

The yen touched a 3-day high of 166.55 against the pound, from a low of 168.04 seen at 6:15 pm ET. On the upside, 159.00 is possibly seen as its next resistance level.

In contrast, the yen held steady against the aussie, after hitting a 3-day high of 94.99 at 8:15 pm ET. The pair was worth 95.36 at Thursday's close.

The yen eased off to 86.09 against the kiwi, from a 3-day high of 85.54 seen in the previous session. The currency may locate support around the 88.5 level.

Looking ahead, Canada jobs data, U.S. inflation report and monthly budget statement, all for May, and University of Michigan's preliminary consumer sentiment index for June are set for release in the New York session.

CAD vs Yen (FX:CADJPY)
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