USD/JPY remained under pressure in Asia, amid profit-taking from longs. USD/JPY fell to a low of 111.60, before it managed to recover back to 112. Support is now seen at yesterday's low of 111.35, followed by 110.50 and 110.00. Despite the Dollar giving up some of its gains, the Euro is unable to rally properly. It ran into strong resistance at 1.0680 yesterday, and overnight, it consolidated mostly around the 1.06 level. Key support is noted at 1.0520, while strong resistance is seen in the 1.0680-1.07 area.
The commodity currencies are bid, and the Australian Dollar rose from 0.7460 to almost 0.75 against the Dollar. The pair faces decent resistance around the big figure, but a break above would signal a move back to 0.76. Meanwhile, NZD/USD is struggling with resistance ahead of 0.71.
USD/CAD saw decent volatility in the past 24 hours due to the swings in oil prices, and this is likely to persist as the OPEC will tomorrow morning in Vienna. Oil has been declining in the past three trading days, as the market is not so optimistic anymore that the organization will be able to reach a deal.
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