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Intraday Market Analysis – USD Seeks Support

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USDJPY bounces higher

The yen weakened after a sharp contraction in Japan’s industrial production in April. A break below the daily support at 127.00 has put the bulls on the defensive. A bearish MA cross on the daily chart suggests a potential acceleration to the downside as more buyers take profit. Sentiment may have peaked after a vertical ascent and the dollar could be due for a correction. A bounce above 128.00 has eased some selling pressure. But the bulls will need to clear 129.00 to resume the rally. 127.50 is a fresh support.

GBPUSD attempts bullish reversal

The pound continues to recover supported by a general rally in risk-sensitive currencies. A break above the daily resistance at 1.2640 indicates strong buying interest and has prompted bears to cover their positions. As sentiment improves, more traders could be switching to the buy side, paving the way for a bullish reversal above 1.2700. The demand zone between 1.2550 and 1.2580 is a key level to gauge the bulls’ commitment. Further down, 1.2480 is a major support to keep the current rebound relevant.

US 100 to test key supply area

The Nasdaq 100 bounces higher as investors dial back their rate hike expectations. The rally accelerated after the index broke above 12560, with a combination of short-covering and fresh buying fuelling the momentum. The price action is about to test the supply zone between the psychological level of 13000 and 13100. A bullish breakout would propel the index above 13700. As the RSI shot up into the overbought area, selling interest could be expected to push back. 12360 at the base of the latest rally is a fresh support.

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