The Japanese yen fell against majors today while the dollar is little changed ahead of the release of the Jobs report tomorrow. Hopes of recovery after the upbeat manufacturing data in Europe released today and that NFP will show improvement in March damped demand on refuges. The dollar index, which tracks the dollar movements versus a basket of major currencies, is currently trading at 81.07 close to the day's opening after reaching a high of 81.24 and a low of 80.80.
With regard to the euro-dollar pair, it is showing slight decline on the daily charts despite the better-than-expected manufacturing data for March. The pair has been moving around key resistance at 1.3481 which represents 61.8% Fibonacci retracement to the upside trend that started in March last year. Still, the outlook for the euro is concerning with worries that Greece and other highly-indebted European economies will not be able to tackle their huge deficits. The pair is currently trading at 1.3487 while recording a high of 1.3560 and a low of 1.3458, where the coming support is seen at 1.3435 and next resistance is at 1.3560.
As for the sterling-dollar pair, it is showing advance for the sixth day on the daily charts; however, the pair is facing downside pressure from the 4-hour and 1-hour charts. Today's data showed that manufacturing climbed to 57.2 from 56.5, adding to hopes the economy is on the right track towards recovery after the 0.4% expansion witnessed in the fourth quarter. Despite the progress seen by the sterling, it may face pressure due to political tensions and high deficit in Britain. Meanwhile, the pair is trading at 1.5234 after hitting a high of 1.5263 and a low of 1.5169 while it is expected to move between support at 1.5170 and resistance at 1.5270 then 1.5315.
Relative to the dollar-yen pair, it is continuing its advance on the daily and 4-hour charts. However, the pair is currently unable to remain above cluster resistance at 93.76 after reaching a high of 93.89 and a low of 93.27 earlier today, whereas support is seen at 92.15 while resistance is at 94.00 then 94.50.