The Japanese Yen gained versus the U.S. dollar and other major currencies after concerns with regard Dubai's debts, which caused a panic in markets last week, spurred demand for the yen as a refuge. On the other hand, the green currency retreated against majors that recovered today from some of the last tow day's losses.
The euro inclined against the dollar reaching 1.5060 levels after gaining support from momentum indicators and after the formation of a reversing candle on the daily charts which may help the pair to rise further. The road may be paved today for the euro to reach its highest level in 14 months against the dollar at 1.5145, but it has to breach resistance at 1.5100 first. The pair recorded today a high of 1.5083 and a low of 1.4975.
The British pound is facing a bearish pressures resulting from MA 25 on the daily charts at 1.6600 as well as MA 50 on the 4-hour charts near these levels which may weaken the rising move for the sterling. In the case of breaching 1.6640 successfully, the pair can find its way towards 1.6745. The pair recorded today a high of 1.6592 and a low of 1.6470.
The Japanese yen rose against the greenback, taking the pair to the downside to 86.23 even though the pair is existing in areas supporting buying which may lower from the pair's chances to decline today. The pair is facing the coming resistance at 86.52, while recording a high of 86.84 and a low of 86.02.