The dollar and Japanese yen advanced against major currencies as a result of investors' appeal for safe haven currencies, after the significant decline witnessed in global stock markets following the U.S. credit rating downgrade by Standard & Poor's.

The euro decreased against the U.S. dollar during today's Asian session. The EU currency is trading as of this writing at 1.4180 after recording the high of 1.4199 and the low of 1.4115. On short-term basis the currency faces a support at 1.4120 while momentum indicators show the pair is within overbought areas.

The pound retreated against the U.S. dollar during today's Asian session touching the lowest at 1.6266, while it recorded the highest at 1.6319, and as of this writing it is trading around 1.66270. On the short-term the currency faces a support at 1.6230 , however, momentum indicators signal that the pair could head to the downside.

The USD/JPY declined sharply today, where it reached the lowest at 77.04, while the pair is currently trading around 77.12, recording the highest at 77.65. Momentum indicators are within oversold areas.