Our intraday forex analysis includes USDJPY analysis, USOIL, and SPX 500, highlighting key support and resistance levels for each pair.
USDJPY hitting firm resistance
Our USDJPY analysis shows The Japanese yen gained traction after hitting a double top towards the 160.00 level. On the chart, the pair is stuck in a consolidation since the move, as the RSI’s overbought condition has triggered a bearish divergence, which could pull prices lower.
• Bulls will need to clear 160.00 before they can push for a continuation above 160.50.
• On the downside, 158.40 would be a second layer of support.
USOIL climbing higher
WTI continues to climb as the Q2 outlook points to more volatility for the black gold. After a lengthy bullish rally, prices are now continuing their climb.
• A slight pullback in today’s early session below the first support of 110.00 could trigger a correction towards 100.00
• Oil is now looking to recapture the 114.00 handle in the near term.
• Another run at the top channel towards 120.00 could be tested.
SPX 500 turns lower
The S&P remains risky as traders worry that ongoing global risks could sink stock prices. The index is at a crossroads on the chart as prices hit the 6600 area again.
• A failure to lift bids to 6730 indicates that the downward pressure still lingers in the wake of the recent fall away from its recent progression.
• A drop below 6470 could see a sharp turnaround in fortunes for the index.
• The upcoming earnings season is expected to bring major revenue declines.
