The yen gained on cheerful fundamentals

  @ibtimes on November 11 2009 7:11 AM

Consolidation was founded in the currencies market in today's Asian session, having the euro and the pound declining slightly against the green currency. On the other hand, the yen gained after fundamentals showed machine orders rising more than anticipated supporting the Japanese currency.

The euro dollar pair fell slightly recording a low of 1.4976 and a high of 1.5013, having the union currency trading around 1.4990. The pair is having a support at 1.4925 along with a resistance at 1.5025 and the pair may decline further according to the one hour stochastic oscillator so it might breach the support to trade around 1.4880 levels.

As for the pound dollar pair, it is consolidating between 1.6760 and 1.6700 recording a low of 1.6708 and a high of 1.6750, having the royal pound trading around 1.6735. Today the support could be found at 1.6655, while the resistance could be found at 1.6780. The British unemployment rate and the BOE quarterly inflation report will be released today affecting the pair and if the support was breached the pair may fall to the 1.6600 levels. However, the pair is trading in an overbought area according to the daily momentum indicators.

Finally, the dollar declined against the Japanese yen recording a low of 89.27 and a high of 89.72, having the pair trading around 89.60. The yen gained against the green currency supported by fundamentals showing machine orders in Japan rising 10.5% in September more than the forecasted 4.1% which supported the yen to rally. The pair is having a support at 89.15 along with a resistance at 90.05 and if it broke the support, we may see the pair trading near the 88.70. Yet, the daily stochastic oscillator is supporting the downside.

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