The Japanese Yen inclined towards a seven-week high against the euro in today's morning session on fears over the strength of the global economy, which it is losing steam. Majors moved today in tight ranges during the Asian session, where demand on safe heaven assets such as the Yen increased.
The euro rose slightly against the dollar during the Asian session. The pair recorded today a high of 1.2723 and a low of 1.2694, and now is trading around 1.2711. The pair is trading in an oversold area according to the four hours and daily momentum indicators, which might weaken its downside movement seen now. During its decline the euro will face a support at 1.2660.
The British pound also inclined slightly against the dollar during the Asian session, recording today a high of 1.5572 and a low of 1.5548, and now the pair trades around 1.5557. The daily momentum indicators show the pair is trading within and oversold area. The pound was able to break the 1.5520 support, which might prevent the pair from extending its downside movement.
Today, the dollar/yen pair retreated recording a high of 85.63 and a low of 85.29, and now it trades around 85.36. The four hours and daily momentum indicators support the pair upside movement, which increases the chances of reaching the strong support found at 86.00.