The Yen continued to incline versus all its major counterparts as it gained momentum since investors' demand for safer heaven such as the yen increased, especially as markets await the release of the U.S. gross domestic product later in the day, which might show slower growth during the second quarter in the largest economy in the world, which would increase investors worries about the global recovery.
The euro rose slightly against the dollar and the Yen during the Asian session in a correctional movement to reach the support 1.2780. The pair is trading near yesterday's closing levels. The euro/dollar recorded today a high of 1.2715 and a low of 1.2691, and now is trading around 1.2714. The pair is trading in an oversold area according to the four hours and daily momentum indicators, which is supporting the pair to reach the resistance at 1.2780.
Also the pound rose slightly against the dollar and the Yen during the Asian session, and today the pair continues its upside movement, recording a high of 1.5534 and a low of 1.5513, and now it trades around 1.5516. The daily momentum indicators show the pair is trading within and oversold area. The support at 1.5360 stopped the pair from extending its decline, inverting its movement to the upside, facing a resistance at 1.5580.
The dollar/yen pair which inclined today, recorded a low of 84.26 and a high of 84.55, and now it trades around 84.49. The daily and four hour momentum indicators support the pair upside movement, which might be pushed towards the support 84.80.