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Renewed fears made the yen the biggest winner

Published 07/15/2010, 02:36 AM
Updated 07/15/2010, 02:40 AM

As markets renewed its fears following the FOMC meeting minutes released yesterday indicating that the jobs sector remains an important obstacle for the economic recovery, determined the market participants to loose their appetite for risk and start buying lower yielding assets like the yen which against the dollar and the other majors.

The euro against the dollar traded during the Asian session between the highest of 1.2763 and the lowest of 1.2707. Now the pair is trading around the 1.2739 level. The daily momentum indicators favor a downside movement for the pair, however the support level 1.2650 might stand in the way of this downside movement.

The pound broke the 1.5240 level so today traded in narrow ranges during the Asian session between the highest of 1.5288 and the lowest of 1.5234. The pair will face a support level at 1.5240 which might stand in the way of the downside movement, however the daily momentum indicators show the ability to expand the upside movement.

The dollar against the yen fell sharply yesterday, and today remain within the same direction. The pair traded between the highest of 88.39 and the lowest of 88.00, and now it trades around 88.10. . The pair will face a support level at 88.00 which might stand in the way of the downside movement despite the support found from the daily momentum indicators. If the pair will persist falling then it might find the next target at 87.50.

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