Intraday Analysis – The JPY Hopes to Pause the Rally

USD/JPY becomes symmetrical

The JPY  feels the squeeze as the greenback’s strength begins consolidating. The pair has developed a symmetrical triangle pattern as price action decreased to 151.00 after the recent rally ended. A break above the previous swing high of 151.80 could extend the rally to 153.20, above the 20 SMA. 150.30 at the base of the momentum is the first level support, and 149.00 is a critical floor to keep the pair elevated.

XAGUSD grinds lower

Silver continues downward as the sell off in the metal market ensues. After finding some support in the mid $24 area, prices have a chance of a rebound. The precious metal took note of the recent bearish divergence on the RSI after dropping away from this year’s high at 25.65. Another bullish breakout needs a close above 25.00. In the meantime, 24.15 is the first support in case of a pullback.

NAS 100 ignores bearish divergence

The Nasdaq 100 continues the rally as indices push for further record highs across the board. On the chart, a decisive break above 18250 compounds the bullish MA cross, hinting at another push higher in the coming days. The long-term bearish divergence on the RSI is still lingering, and bears will wonder if a correction will happen, with a potentially limited pullback of 18000 as the first support. 17650 over the 20-day SMA would be the bulls’ second line of defence.

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