The yen traded near the highest level in six weeks against the green currency in today's Asian session amid a drop in European and American equity markets followed by a similar decline in Asian indices, which encouraged investors to buy the yen as a refuge. The yen also gained against the other major currencies; the euro and the pound. On the other hand, the dollar remains weak amid forecasts the Feds will keep interest rates at its low record, especially after pessimistic fundamentals released from the U.S this week.
The euro gained against the weakened dollar and the pair is trading around 1.4930 to have a resistance at 1.4955 and if it was breached, the pair will target 1.5000. The pair is having a support at 1.4880. The pair recorded a high of 1.4935 and a low of 1.4881.
The pound dollar pair is consolidating and it is currently trading around 1.6634 having a support at 1.6600 along with a resistance at 1.6695. The pair is expected to incline according to the four hour stochastic oscillator. However, the pair recorded a high of 1.6674 and a low of 1.6613.
The dollar yen pair continued to decline as investors turned to buy the yen as a refuge. The pair is currently trading around 88.74 and it is anticipated to continue declining to break the support of 88.60 and fall back to the 88.20 levels then 88.00. The pair recorded a high of 89.03 and a low of 88.66.