Today the Japanese currency recovered from this week's losses against majors especially dollar and euro. The yen rebounded from the sharpest monthly decline versus the green currency since 1995 and the worst fall vis-à-vis the euro in more than seven years on speculations exporters were benefiting from the yen's plunge to bring profits back home.
The euro-dollar pair is declining heading to an oversold area according to Stochastic Oscillator on the 4-hours charts. The euro slipped, recording its second month of losses against the greenback, after it was said that Iceland is discussing a plan to restructure its bonds, indicating the current financial crisis is deepening. In addition, unemployment rate inclined to 8.2%. Currently, the euro is trading at 1.2683 recording a high of 1.2749 and low of 1.2628 along with support 1.2618 and resistance 1.2715.
Relative to the pound-dollar, it is declining on the daily and 4-hours charts moving to an oversold area according to the Stochastic Oscillator 4-hour charts. The British economy is still suffering amid the undergoing global recession. GFK consumer Confidence retreated to -35 reflecting the deteriorating status of the economy. So far, the pound is trading at 1.4193 reaching a high of 1.4306 and a low of 1.4143 with support 1.4123 and resistance 1.4246.
With regard to the dollar-yen pair, it is inclining as a correction to the massive decline throughout this week. The pair is showing high tendency to go down further according to the Stochastic Oscillator 4-hour charts. The yen advanced for the first time after five days down against the dollar as its five-week drop was excessive. Now, the yen is traded at 97.48 hitting a high of 98.35 and a low of 97.12 along with support 97.00 and resistance 97.88.
disclaimer:The above may contain information for investors/traders and is not a recommendation to buy or sell currencies, gold, silver & energies, nor an offer to buy or sell currencies, gold, silver & energies. The information provided is obtained from sources deemed reliable but is not guaranteed as to accuracy or completeness. I am not liable for any losses or damages, monetary or otherwise that result. I recommend that anyone trading currencies, gold, silver & energies should do so with caution and consult with a broker before doing so. Prior performance may not be indicative of future performance. Currencies, gold, silver &energies presented should be considered speculative with a high degree of volatility and risk.