USDJPY breaks lower
The Japanese Yen (USDJPY) remains pressured as traders expect a rate hike from Japan’s central bank.
- Last week’s drop looks set to continue as sellers claim more dominance.
- A lack of follow-up support has put early buyers on the defensive.
- The recent daily low of 152.50 is the next level to see if the downturn continues.
- Any rebound first needs a break at 155.00 before prices can lift towards 156.50.
XAGUSD pushing higher
Silver continues its recent rally after clearing the 65.00 level.
- Price has sought to consolidate its gains after clearing this month’s top, as the latest bounce produced a fresh high.
- Any signs of a slowdown will see resistance and a pullback around the 68.00 level.
- Should this resistance be cleared, then 71.00 will be the next target.
- 63.50 is a critical bottom to prevent a reversal.
NAS 100 energy prices hit indices
Stocks continued to fall after the latest developments in the Middle East.
- From the recent selloff, the index is looking to fight back and break through the 29650 barrier.
- A break below 28500 would see trend followers join in to sink the index lower.
- A hold at 29500 could lead to a bounce to test the recent top at 30250.
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