Intraday forex analysis covering USDJPY, EURGBP, and S&P 500 analysis with a focus on key market movements, support and resistance levels, and short-term price action trends across major currency pairs.
USDJPY hits multi-week low
The US dollar turned lower as price action approached the psychological level of 155.00. Prices now seem to be at a crossroads as the RSI sank into new territory.
- A bullish divergence suggests a possible move to the upside, with a tentative bounce off the daily low at 155.50.
- 158.00 is the immediate resistance on the hourly chart, and then 160.00 is the second hurdle the bulls will need to lift to get back on track.
EURGBP remains choppy
The euro fell from its recent peak amid cautious sentiment. The pair hovers above the recent bottom at 0.8610. The RSI’s move towards the neutral area attracted some bargain hunters.
- Bulls will need to push past 0.8660 before they can hope for a broader recovery.
- 0.8700 is the target ahead if a bullish extension occurs.
- Otherwise, the choppy movement could see buyers heading for the exit with 0.8610 a critical floor.
SPX 500 attempts to hold on
The S&P 500 analysis hopes to hold on to its bullish rally amid a strong bearish divergence. With bulls hoping for another push, more buyers could follow if prices can stay afloat at 7200.
- The slow choppy grind to the upside could continue if prices pop above 7350.
- With the recent moves firmly waiting on Donald Trump’s next speech, a fall below 7000 could trigger a deep sell-off, opening the door to 6700 and 6480.
