Though the last few months there were serious doubts regarding USD/JPY's ability to break this year's down-trend, right now the currency pair is already trading 100 pips above it.
There still seems to be a small chance for the Sterling to avoid further depreciation, as it is currently facing a number of strong supports.
Despite the strong downward momentum the support at 1.3383/69 managed to withstand the attack of the bears yesterday.
Today has not been any different from the last couple of trading weeks with the Kiwi depreciating relative to the U.S. peer.
The U.S. currency continues to outperform the Canadian counterpart, the pair surpassed the 100-day SMA at 1.0854 and later also the monthly R1 at 1.0873 today.
The Australian currency prolonged its yesterday's decline by falling below the weekly S1 and 100-day SMA at 0.9350.
The Euro zone's currency performed well today as it reached the 20-day SMA at 137.36.
Although at some point everything appeared to be over for the bulls, USD/JPY proved to be able to rally by breaking the 100-day SMA and seven-month down-trend.
Monday looked like a start of a bearish correction, but in the end USD/CHF did not even have to retreat to the weekly PP to regain its upward momentum.
The U.S. Dollar is strengthening, and there are less and less chances that GBP/USD will realise the bullish potential implied by the weekly and monthly technical studies.
As expected, the Euro carried on losing its positions, though it did not break any significant levels yesterday.
NZD/USD bears are challenging the monthly S1 at 0.8513, this is the biggest obstacle that they have been facing since breaking the major level at 0.86.
The Greenback's positions above the 1.08 seems rather stable, at the moment the pair is appreciating towards the weekly R1 and 100-day SMA at 1.0852/55.
For most of the time the pair is fluctuating above the 0.94 level; however, it seems that the pair is poised for a slide towards the monthly PP at 0.9369.
Since the middle of July the pair has not successfully stabilised its positions above the 137 mark; however, at the moment it is testing this level once again.
USD/CHF failed to rise for a seventh day in a row by giving up 10 pips yesterday, but this does not invalidate the bullish outlook on the pair.
Despite the amount and toughness of the obstacles USD/JPY is currently facing, the currency pair is successful at pushing through the resistances.
The Cable continues putting strong pressure on 1.6982/73, but for now the bulls stand their ground.
Right now this week appears to be quiet in terms of volatility, but this should change before the weekend. In any case, the currency pair is expected to be capped by 1.3530/00.
At the beginning of this trading week the Kiwi remains vulnerable, it seems that the pair is poised to reach the monthly S1 at 0.8513 and possibly the major level at 0.85.
USD/CAD continue to trade slightly above the 1.08 mark, after last Friday's jump.
The Aussie successfully rebounded above the 0.94 mark, after receiving a bullish impetus from the 20-day SMA at 0.9390.
The Europe's shared currency trades around the weekly PP at 136.79.
The Greenback carries on strengthening, and there are supposedly no significant hurdles until this year's high at 0.9156.