The Euro plummeted more than 350 pips against the Japanese Yen yesterday, as the BoJ decided to leave its monetary policy unchanged.
The bullion booked a tremendous rally on Thursday, as a very decisive bullish action managed to close the daily trading above the most important resistance of 1,258/63 represented by the weekly R1 and February high.
The American Dollar suffered a heavy loss on Thursday, triggered both by the BoJ's decision and a poor reading of the US GDP.
Disappointment in yesterday's US GDP figures caused the Cable to negate Wednesday's losses, but the immediate resistance in face of the monthly PP and the weekly R2 remained intact.
Five days of gains for the Euro, including Friday, is a direct result of US Dollar's inability to consolidate momentum, while weak fundamentals are only fuelling the rally.
Although NZD/USD managed to close the session under the channel up pattern's lower boundary (0.6860), on Thursday we have been observing a massive recovery of the New Zealand currency.
FOMC statement used to have little impact on behaviour of the USD/CAD currency pair, which fixed a minimal four-pip decrease in daily value over Wednesday.
The Australian Dollar suffered a 162-pip drop against its US counterpart, closing between the second and the third support areas.
The EUR/JPY cross behaved in accordance with expectations yesterday, as the exchange rate stabilised not only above the 126.00 major level, but also above the immediate resistance in face of the monthly PP.
The precious metal has finally dealt with the closest resistance cluster represented by the monthly and weekly pivot points at 1,241/43.
The FOMC statement had no effect on the USD/JPY currency pair yesterday, as the exchange rate remained relatively flat for the second day in a row.
The GBP/USD currency pair underwent a small correction on Wednesday, being weakened by the FOMC statement.
Third consecutive session was finished with gains for the Euro, but somewhat hawkish Federal Reserve prevented a spike above the weekly R1 at 1.1341.
As was anticipated, the New Zealand Dollar outperformed its US counterpart on Tuesday, with gains limited by the 0.69 major level, between the 20-day SMA and the weekly PP.
After the sixth attempt the US Dollar breached the psychological 1.2650 support level, stabilising right on top of the 1.26 mark.
Although the Australian Dollar prolonged its short-term recovery yesterday, the AUD/USD currency pair now risks slumping beyond the 0.76 mark.
The European single currency managed to recover from its intraday low and end the day in the green zone against the Japanese Yen.
By the end of Tuesday the volume of trading has risen to a three-day peak, which supported the bulls in attacking the nearest resistance at 1,241/43.
Demand in face of the monthly S1 and the weekly PP around 110.50 was sufficient to prevent the USD/JPY currency pair from falling on Tuesday.
In the wake of deteriorating US fundamentals yesterday the British currency edged 100 pips higher against the Greenback, as the pair failed to maintain trade above the 1.46 major level.
The Euro was up over the trading session on Tuesday, with rallies underpinned by weaker than expected US statistics and upcoming rate statement of the Fed.
After slumping for three days in a row, the Kiwi managed to rebound from the ascending channel's support line yesterday, but with volatility limited by the 20-day SMA at 0.6881.
The USD/CAD chose the less likely scenario yesterday, as the pair remained relatively unchanged and inched closer towards the 1.27 mark.
On Monday, the AUD/USD currency pair edged higher, but failed to climb over the immediate resistance in face of the weekly PP.