The pressure on the USD/JPY pair that originated with the Federal Open Market Committee’s statement has accelerated on the break of 113.00 resulting in a breach of the 100-day moving average. The end result has left the dollar at a 13-day low of 112.55 and precariously close to the 50% Fibonacci retracement at 112.41 (125.84 high/98.98 low).
And while the dollar was eroding against the yen, it was holding most of this morning’s gains against the euro at 1.0742. EUR/USD fell off 1.0777 at the North American open to 1.0726 on recent polls that put anti-EU and far-right French presidential candidate Marine Le Pen out ahead of her opponent, Emmanuel Macron. The euro clawed its way back towards 1.0750, but remained 0.16% lower.
Lastly, cable was still trying to chip away at resistance at 1.2400 with little success. As the GBP/USD pair inches closer to this level, selling pressure gets slightly stronger. Cable last traded 0.25% higher at 1.2388.