Japanese yen fell against major currencies after the Japanese economy contracted less than expected in the second quarter of the year, as the domestic spending and stimulus plans helped to support the economy. The Japanese data increased confidence in the markets and prompted investors to turn to high-yield currencies.
The euro increased against the U.S. dollar during today's Asian session. The EU currency is trading as of this writing at 1.4304 after recording the highest of 1.4328 and the lowest of 1.4281. On the short term the currency faces a resistance at 1.4350 while the momentum indicators show the pair is in an overbought area.
The pound retreated against the U.S. dollar during today's Asian session touching the lowest of 1.6254, after it recorded the highest of 1.6249, and as of this writing it is trading at 1.6269. On the short term the currency faces a support at 1.6230 which could support the downside movement for the pair, despite the momentum indicators show the pair is in an oversold area.
The dollar/yen pair advanced today where it reached to its highest at 77.08 level, the pair now is trading at 76.88 recording the lowest of 76.78. Momentum indicators show the pair in an oversold area, yet the pair ignores those signs.