USDJPY hitting resistance
The Yen attempts to stabilise after losing ground to the greenback.
- The pair was grinding higher after moving above 158.00 to test 158.40.
- A series of higher highs suggests that the mood remains upbeat and could attract trend followers aiming for 159.00.
- As the RSI recovers from the overbought area, bulls might see a pullback as an opportunity.
- 157.60 is the closest support, and 157.00 is a second layer of protection.
GBPUSD halts rally
Cable remains downbeat after hitting firm support.
- The RSI’s venture into the overbought zone has led to a snap lower.
- Bears could sell into strength due to the downward pressure.
- 1.3500 is the first resistance and a double top to expect renewed interest.
- Otherwise, 1.3440 would be the next stop, with 1.3350 a critical floor.
UK 100 takes a step back
The FTSE took a breather from its recent rally as the Bank of England warned of more rate hikes.
- The index is trying to hold on after dropping over 300 points from the 10940 peak.
- 10700 is the next important level to halt the sell-off.
- Failing that, the swing low of 10560 is a critical level to keep this week’s rally intact.
