USDJPY hits multi-month high
The Japanese yen remains pressured after the pair broke to another fresh high. The bullish bias remains intact even though the pair has hit some resistance.
- The bullish mood means that pullbacks have been opportunities for the buy side to stake in.
- The greenback is testing the next target at 163.30.
- Another breakout would cement the dollar’s supremacy and pave the way for a rally towards 164.00.
- On the downside, 162.60 is the first support, with 162.00 a critical bottom.
GBPUSD finds support
Cable was given a boost after the recent downward spiral lifted price action, after finding some support.
- A fall below 1.3400 was a sign of profit-taking after bulls struggled to push back, putting a dent in the short-term mood.
- However, Sterling still has an edge from the intraday chart perspective.
- A recent bounce to prevent a test at 1.3320 has seen buyers re-enter the market with a slight uptick in bids.
- The brief support-turned-resistance of 1.3400 is the level to lift before cable can create an uptrend towards 1.3550.
UK 100 falls from its peak
The FTSE is left licking its wounds after hitting a heavy rejection to prevent another move higher.
- A push towards the previous swing high of 10760 put the bulls on the attack, before retracing.
- The latest downtick could continue towards 10625, should bears attract more sellers.
- 10550 is the next level lower should the sell-off continue.
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