EUR remains under pressure

!! EURUSD !!
The EUR remains under pressure after several feeble recovery attempts
yesterday where it found support during yesterday's US trade when it
was reported that the ECB intervened in the Bond markets. The EUR/USD
traded in a fairly tight range from the close of the US session until
Japan's Finance Minister Noda announced that the Japanese would buy
20% of the joint euro bond auction being held later this week. This
helped drive the Euro with the EUR/USD hitting 1.2989 on the news.
This news coupled with China's pledge to purchase European bonds has
helped keep the Euro from sliding to new lows. Resistance is seen at
the 1.3000/10 level and support around the 1.2860/70.

!! GBPUSD !!
Cable opened in Asia at 1.5570/75 last night and initially sprung
higher, rallying to high of 1.5587 as early EUR/USD buying and short
covering in Asia supported sterling. After hitting early highs, cable
headed lower as the USD remained largely supported in Asia with BRC
Retail Sales coming in at -0.3%, a big fall from the +0.7% previously.
This weighed on GDP while AUD/USD nose dived on the back of the floods
currently ravaging Queensland and weighed on the market overall. Cable
saw a 1.5540 low before bouncing sharply to 1.5580 on Japanese Finance
Minister Noda's comments that Japan would buy 20% of the joint Euro
bonds to be issued later this month. The move was short lived when the
market realized the Japaneses would use Europe reserves to purchase
the bonds and the speculation that it may also make it hard for
peripheral EZ countries to sell their bonds.

!! USDJPY !!
Some trader stops seem to have been taken out in the pair at 83.10 as
it traded up to 83.15. USD/JPY continues to look bid as overall USD
buying keeps it supported with offers at 83.30-50 now in sight.
USD/JPY is currently hovering around its gradually descending 100-day
moving average at 83.06. Next major resistance is at 83.30, the high
yesterday, and then at 83.70, the high Friday.
Support below looks to be firm at 82.60-70, 82.68 the low in early
Asian trading this morning and 82.66 the low in London-New York
yesterday.
Source: Fxstreet.com