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Currencies Update: Another rise for the Japanese yen
Written by article default Tuesday, 12 October 2010 07:33
The Japanese currency returned to its upside movement reaching its highest in 15 years against the greenback and its highest strongest this month versus the euro, as investors lost their appetite for risk and looked for safer assets, especially following the decline in Japanese stocks.The euro against the dollar traded in tight ranges during the Asian session, around the 1.3860 level. The pair recorded today a high of 1.3881 and a low of 1.3843, and now it trades around 1.3866. The daily momentum indicators show the pair within an overbought area, while the four hours indicators show the pair within and oversold area.
The pound/dollar pair rose today, recording a high of 1.5914 and a low of 1.5867, and now it trades around 1.5908. The daily momentum indicators show the pair in an overbought area; however, the chances for the pair to rise remain valid.
Moving to the Dollar/yen pair, which returned to its downside movement during the Asian session, where the pair fell to the lowest level since 15 years, recording a low of 81.84 and a high of 82.30, and now it trades around 81.94. Momentum indicators show the pair in an oversold area, which favors an upside movement.