The majors increased during yesterday's trading session, as Japan nuclear crisis easing, while the Japanese currency dropped against its major counterpart the green back during the Asian session, as investors are comfortable with the stabilizing situation in Japan, after the Japanese engineers have been success to lay an electronic cable to reactor No. 2, restoring the pumps which send coolant over the reactor. On the other hand, the yen dropped against the dollar after the G-7 decided last Friday to intervene in a coordinated and cooperative manner into the Forex Market to sell the yen against the dollar to cool the yen's advance.
Moreover, the US dollar was trading with a defensive style during yesterday's session, while it reduced its losses against the euro and the yen.
The euro-dollar pair started yesterday's trading session at 1.4167, and the pair is trading at 5-month high, after recorded the highest level at 1.4239 and the lowest level at 1.4144, when it closed at 1.4215, while the daily and four hours momentum indicators show the pair in an overbought area, which limit the pair's upside movement during today's session.
The British Pound against the dollar pair rose, and it opened the session at 1.6221, recorded a high of 1.6326 and a low of 1.6202, while it ended the session at 1.6306. Momentum indicators show the pair in an overbought area, supporting the pair's downside movement during the session.
The USD/JPY pair rose for a third straight trading day, as the G-7 conducted its first round of coordinated intervention since 2000 in an effort to curb the Japanese currency's rise in the wake of the March 11 earthquake and tsunami. The pair started yesterday's session at 81.05, recorded a high of 81.30 and a low of 80.80, while it closed at 81.21. On the other hand, daily indicators show the pair in an overbought area, while the four hours indicators give selling signs.
The Australian dollar kept on its last week's gains, where the AUS/USD pair started the session at 0.9973, and it has continued its increase against the US dollar for a fourth straight day during yesterday's session, where the pair reached to the heading toward parity area versus the greenback, recorded the highest level at 1.0068 and the lowest at 0.9951, closed at 1.0056. The indicators show the pair in an overbought area, supporting the downside movement.
The New Zealand dollar rose against the US dollar, where the pair opened the session at 0.7317, and it recorded a high of 0.7359 and a low of 0.7307, where the pair ended the session at 0.7353. Momentum indicators show the pair in an overbought area that there chances for a further decline.