JPY - Yen Rises to a 10-Year High against the Euro

The Japanese yen strengthened against most of its major currency-rivals last week as the decreasing risk-appetite in the market has boosted the yen's appeal as a safe-haven investment.

The yen's most notable uptrend took place versus the euro, as the EUR/JPY cross plunged into a 10-year low after hitting the 101.92 level. The yen rallied against the euro on concerns that Greece is on the verge of bankruptcy. Investors fear that if Europe will be unable to avoid Greece's default, the outcome will eventually be the teardown of the euro-zone.

Looking ahead to today, traders are advised to follow the ongoing news from Europe. It currently seems that as long as the European leadership is reluctant to solve the debt crisis, the demand for the Japanese currency as safe-haven will continue to grow.

Crude Oil - Crude Oil falls to $77.10 a Barrel on Concerns Europe's Crisis Will Damage Fuel Demand

Crude oil fell to as low as $77.10 a barrel during today's morning session on bets European crisis will cut global demand for energy following the biggest weekly decline since August.

Crude falls on concern that the euro-zone won't manage to contain the current Greek crisis, leading the Greece's economy to default. Investors estimate that the global demand for energy will decrease severely as a result, and thus oil prices are plunging.

Crude oil fell about 11 percent from $87.95 a barrel during recent midweek to as low as $77.10 during this morning's session.

As for this week, it seems that crude oil might face another bearish session as European leadership is for the moment failing to solve its debt crisis. Nevertheless, in case that European policymaker once again agrees to bailout Greece, crude price night soar once again above the $80 level.

Technical News

EUR/USD

The EUR/USD's free-fall continues and the pair has reached the 1.3360 level, hitting a 10-month low. Currently, the daily chart's MACD continues to provide bearish indications, signaling that the bearish momentum has more room to go. Going short might be the right choice today.

GBP/USD

There is a very accurate bearish channel formed on the daily chart and the cable is currently floating in the middle of it. Nevertheless, as both the Slow Stochastic and the RSI are providing indications for an uptrend, a mild technical correction might take place today. Going long with tight stops might be the right strategy today.

USD/JPY

The USD/JPY continues with relatively flat-trading, and the pair is currently trading near the 76.50 level. The next significant support level seems to be located at the 76.20 level. If the pair manages to breach it, another bearish session might be expected, with potential to reach the 75.00 level.

USD/CHF

The USD/CHF pair gained about 1,300 pips during the past three weeks and is currently trading near the 0.9080 level. However, as the daily chart's RSI has dropped below the 70-line, it seems that a bearish correction might be imminent, with a key-target level of 0.8900.

The Wild Card

Gold

Gold's bearish trend continues at full speed as the metal dropped to as low as $1,532 an ounce, marking a ten-week low. Currently, as all the technical oscillators on the daily chart are giving bearish signals, it seems that the bearish move could extend today. This might be a great opportunity for forex traders to join a very popular trend.

Article Source: EUR/USD Falls to a 10-Month Low amid Europe Crisis Fears