Members login
Currencies Update: The yen loses strength versus the dollar and major rivals
Written by article default Tuesday, 16 November 2010 06:29
The dollar is trading at its strongest in nearly six weeks versus the Japanese yen where the incline comes amid regaining dollar strength and eased fears over the outlook for global growth, easing the haven demand on the Japanese yen, especially following the faster than expected growth reported for the third quarter and the improvement in US retail sales yesterday.The euro moved higher in the Asian session to trade around 1.3600, recording so far the high of 1.3623 and the low of 1.3560. On the other hand, the pair faces the support at 1.3560 which might help the pair move higher, momentum indicators over daily and intraday four-hour basis are trading in oversold areas which might support the continuation of the upside correction.
Sterling also rose versus the dollar this morning as the pair recorded the high of 1.6079 so far after setting the low of 1.6025. The pair is currently hovering around 1.6058 and currently facing the resistance of 1.6110.
As for the USDYEN, the pair traded with a slight decline in the Asian session setting the low of 83.00 and the high of 83.21 amid a tight range as the pair currently lingers around 83.06. The pair has the coming resistance at 83.40, while momentum indicators over daily and intraday four-hour basis are in overbought areas yet still shows the potential for the incline.