USDJPY bounces back
The Japanese yen recouped some losses after a drop in the January unemployment rate. A relentless rally shows that the US dollar’s recovery is still going strong.
A brief pullback has met strong buying interests at the resistance-turned-support of 135.30. A subsequent break above 136.40 suggests that the bulls are still in the game and a close above 136.90 would seal the deal by flushing out the remaining bears. December’s high of 138.00 would be the next resistance. 136.00 is the closest support in case of further hesitation.
EURGBP breaks resistance
The pound licks wounds after the BoE hinted at pausing its tightening. On the daily chart, a hammer in the 0.8770 demand zone indicates a rejection of further downside and that the market is attempting to bottom out. A strong bullish candle that follows shows that the bulls are back in business. On the hourly chart, this took the shape of a surge above 0.8880, prompting sellers to cover. As the RSI returns to the neutral area, follow-through could be expected above 0.8800 in anticipation of renewed momentum towards 0.8930.
NAS 100 sees limited bounce
The Nasdaq 100 struggles over rising labour costs in the fourth quarter. On the daily chart, a fall below the SMAs has put the index on a corrective course after a month-long rally. A former swing low at 11820 has attracted some buying interests with the RSI in the oversold zone, but that may not be enough to contain the bearish inertia. 12110 is the first level to expect sellers to step in and sentiment may only turn around if the support-turned-resistance of 12300 is cleared. Otherwise, 11550 would be next.
![Credit Card 160×600 [EN]](https://assets.iorbex.com/blog/wp-content/uploads/2023/06/13144507/Blog-Banner_EN-Banner_160X600X2.webp)
