As USD/JPY approached 104, the rate of the U.S. Dollar's appreciation slowed down.
Regardless of seemingly strong bearish momentum, the support at 0.8813/04, mainly created by the monthly PP, managed not only to stop the latest sell-off, but it also initiated a rally that in turn erased the recent losses.
Pair's OutlookThrough the end of yesterday's trading session and today we have seen a decline in NZD/USD as it has slipped below 0.8700 and later breached the weekly PP at 0.8627.
In the last days USD/CAD has traded above 1.1000; however, the pair is trying to break this level desperately.
AUD/USD is still trading around 0.9250 as it has not moved neither higher, neither lower.
The pair broke the weekly R2 at 143.03; however, it was not able to consolidate above this level as the major 143.50 level sent it back below weekly R2.
For now this week is bullish for EUR/USD, as it is about to post a third day of gains.
At first it looked as if the Sterling is going to continue the advancement seen last week.
The U.S. Dollar disregards the daily and weekly technical indicators and strengthens relative to the Japanese Yen.
After hitting the ceiling at 0.89 USD/CHF stays in a down-trend.
Today the pair approached 0.87; although, it didn't have strength to remain at that level. After reaching 0.87 the pair is trading around April's high at 0.8675.
USD/CAD has consolidated around 1.1050 as it is supported by uptrend support line and it has strong resistance levels ahead – 55-day SMA, monthly PP and weekly PP at 1.1086/99.
Today the pair tried to break 0.93 level once again; however, unsuccessfully, after reaching this level it dropped back to trade around 0.9250.
EUR/JPY has broken weekly R1 at 142.28 and the pair is trading above 142.50 at the moment.
Despite the near-term technical indicators opposing a rally, the Euro is gaining ground after it found support in the face of the 55 and 100-day SMAs.
Although the Cable has already reached the up-trend it had previously broken, the pair still does not seem to be willing to decline or at least undergo a bearish correction after an uninterrupted rally started on Mar 23.
USD/JPY develops its success—it has already breached the 100-day SMA and is presently probing the resistance at 103.53/34, which mainly consists of the weekly R1 and 23.6% Fibonacci retracement level.
Being intimidated by the tough resistance near 0.89, USD/CHF took a U-turn and plummeted through the weekly PP at 0.8851.
"One of the worst-kept theories is that the US dollar is due to strengthen after the employment numbers, which should weaken the kiwi." – HiFX (the New Zealand Herald)Pair's outlookThe kiwi has proven itself as the best performing currency among its most-traded peers lately, last week the pair extended its gains and lost its momentum just around 0.87. At the moment
USD/CAD has started this week with a retreat, prolonging last week's decline.
Last week we saw rather significant climb from AUD/USD; however, it stopped near 0.93 and since then it is trading just below monthly R2 at 0.9262.
Through last week we saw EUR/JPY struggling to appreciate above 142; however, the pair has managed to do that today as it received a bullish impetus from 100-day SMA at 141.22.
USD/CHF has already closed the downside gap but remains hesitant to extend the gains due to a seemingly impenetrable supply zone.
Despite the resilience the 55-day SMA has recently demonstrated, in the end USD/JPY has managed to spike through the line and reach 103.03/102.76, which consists of the monthly R1 and 100-day SMA.