USDJPY trying to recover
The dollar kept the pressure on the yen as prices try to recover the 500 pips caused by the intervention of the Bank of Japan.
- The pair has risen over 200 pips in recent sessions.
- A bullish mood means that pullbacks have been opportunities for the buy side to stake in.
- The greenback found relief after breaking through the 159.00 level, as 160.75 becomes the next target.
- On the downside, 157.30 is the first support as the RSI ventures into overbought territory.
GBPUSD breaks higher
Cable hits another wave higher as GDP data moved away from negative territory.
- A slight dip in momentum led to the pair finding support at the 1.3480 region.
- Sterling still has an edge from the daily chart’s perspective.
- The brief support-turned-resistance of 1.3540 is the level to lift before cable can continue its uptrend.
- Otherwise, a dent in support could cause a sell-off towards 1.3380.
UK 100 (FTSE 100) choppy downswing
The FTSE 100 fails to find direction as the chart shows a series of familiar downtrends.
- A slip below the previous low of 10800 has put the bulls on the defensive.
- The latest downtick has come under pressure as 10760 becomes the next target for sellers.
- On the flip side, 10840 is the last chance for buyers to prevent a deep correction, with hopes of a test towards 10920.
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