USDJPY fails to progress
The Yen (JPY) saw some slight reprieve after inflation cooled towards the 2% target. Recent profit-taking at 155.80 didn’t dent the optimism too much, with 154.00 proving to be a robust support. A combination of bargain hunting and momentum buying could propel the dollar back to the recent high above 155.00. Its breach would lead to the recent high, with 156.50 as a significant ceiling.
EURUSD dives lower
The US dollar accelerated further after last week’s poor reading from Eurozone PMI data. The pair continued the lower low rhetoric as price action flirted with the 1.0300 level. The RSI’s oversold condition could attract some buyers, with 1.0450 as the first hurdle. Follow-through buying around 1.0520 is critical in keeping the rebound momentum intact, as a breakout could trigger a new round of sell-off below 1.0330.
NZDUSD struggles to rebound
The New Zealand dollar weakened after the greenback maintained its progressive dominance. 0.5880 is the first hurdle to break to ease the downward pressure. Further up, the support-turned-resistance of 0.5960 is a significant cap, and bears could look to sell into strength as long as overall sentiment remains downbeat. The recent bottom of 0.5820 is the immediate support, and its breach would signal a bearish continuation.
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