The Japanese yen is showing decline for the second day after the concerns from Dubai world has eased, eroding demand on lower-yielding assets as refuges. The dollar, on the other hand, is moving in narrow range between 74.35 and 74.57 as seen by the dollar index which tracks the dollar movements versus a basket of major currencies.
With regard to the euro-dollar pair, it is showing a slight incline on the 4-hour and 1-hour charts; while on the daily charts the pair is little changed from yesterday's closing. The euro gained against the dollar yesterday, approaching the highest in 15 months lifted by Dubai news and the buoyant manufacturing data in the euro zone and Germany. The 16-nation currency is currently traded at 1.5080 while marking a high of 1.5109 and a low of 1.5061, whereas the coming support is at 1.5015 then 1.5000 and resistance at 1.5100.
As for the sterling-dollar pair, it is also inclining on the daily and 4-hour charts. The pound is still positively impacted by the stellar news from United Arab Emirates due to the tied relation with London Stock Exchange. PMI construction for November released today showed improvement, giving further support for the pound. So far, the pound is trading at 1.6668 setting a high of 1.6693 and a low of 1.6547; while the coming support for the pair is seen at 1.6645 and the resistance is spotted at 1.6682.
Relative to the dollar-yen pair, it rebounded for the second day on the daily charts. Also, the pair is showing incline on the 4-hour and 1-hour charts. The yen fell as the Japanese Prime Minister announced that the yen's appreciation is not accepted. Now, the pair is trading around 87.26 after hitting a high of 87.38 and a low of 86.57; while the pair is currently facing the coming support level at 86.92, while resistance is spotted at 87.94.