The Japanese yen spiked up against its key counterparts in the European session on Monday, as rising coronavirus cases in Europe and a lack of progress on U.S. stimulus package sparked risk aversion. Europe's weekly Covid-19 infections are now higher than the continent's first coronavirus peak in March, the World Health Organization (WHO) has warned.

U.K. Health Secretary Matt Hancock on Sunday warned that Covid-19 restrictions in England will get tougher if people don't follow government rules designed to stop the spread of the virus.

France registered nearly 13,500 new infections in the last 24 hours and there are fears Madrid could be overwhelmed. In the U.S., at least 18 members of the House of Representatives and Senate have tested positive or are presumed to have had Covid-19.

On the stimulus front, U.S. lawmakers remain deadlocked over a new rescue package for the beleaguered economy.

Traders await testimony from Fed Chair Jerome Powell and U.S. Treasury Secretary Steven Mnuchin later in the week, with both likely to stress the importance of additional fiscal stimulus.

The yen appreciated to a 6-1/2-month high of 104.00 against the greenback and a 2-1/2-month high of 133.54 against the pound, after dropping to 104.57 and 135.33, respectively in previous deals. Next key resistance for the yen is possibly seen around 100.00 against the greenback and 129.00 against the pound.

Reversing from its prior highs of 123.94 against the euro and 114.83 against the franc, the yen moved up to 2-month highs of 122.73 and 113.90, respectively. The yen is seen facing resistance around 119.5 against the euro and 110.00 against the franc.

The yen drifted higher to a 4-week high of 75.67 against the aussie, near a 2-week high of 70.01 against the kiwi and a 1-1/2-month high of 78.62 against the loonie, up from lows of 76.39, 70.79 and 79.28, respectively hit in previous deals. On the upside, 74.00, 67.00 and 76.5 are possibly found as its next resistance levels against the aussie, the kiwi and the loonie, respectively.

Looking ahead, Canada new housing price index for August will be featured in the New York session.

At 10:00 am ET, Federal Reserve Chair Jerome Powell will speak about rule-making for the Community Reinvestment Act, via satellite.

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