Slobodan Drvenica
Windsor Brokers
USD/JPY
USDJPY remains in extended consolidation of last week’s sharp fall, sparked by US inflation data and intervention by Japanese authorities.
Near-term action is holding above 55DMA (157.55) which repeatedly contained dips and marks solid support for now.
Traders also take a breather, awaiting fresh signals from US retail sales, due today, which may further deflate dollar if June numbers miss forecasts, as Further intervention could be expected in such scenario.
Weaker daily studies add to potential bearish outlook, with firm break of 55DMA pivot to expose targets at 154.98 (100DMA) and 154.54 (June 4 higher low) and risk further losses on violation of the latter.
Converged 5/30DMA’s mark initial resistance (159.03), guarding upper pivot at 160.05 (converged 10/20DMA’s.
Res: 159.53; 160.05; 160.25; 161.80.
Sup: 157.55; 156.83; 155.71; 154.98.
Interested in USD/JPY technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD retreats below 1.0900 after US data
EUR/USD stays under modest bearish pressure and trades below 1.0900 in the second half of the day on Tuesday. The US Dollar holds its ground following the Retail Sales data for June, making it difficult for the pair to regain its traction.
GBP/USD loses traction, drops to 1.2950 area
GBP/USD struggles to keep its footing and trades in negative territory at around 1.2950 in the American session. June Retail Sales data from the US helps the US Dollar stay resilient against its rivals, not allowing the pair to build on previous week's gains.
Gold climbs to multi-week highs above $2,440
Gold gathers bullish momentum and trades at its strongest level since late May above $2,440. The benchmark 10-year US Treasury bond yield loses more than 1% on the day below 4.2%, helping XAU/USD push higher on Tuesday.
Bitcoin price consolidates near $62,000 despite liquidation of $71.02 million in short position and surge in Open Interest
Bitcoin (BTC) sees a 3% price decline on Tuesday, trading around the $63,000 level at the time of writing. On-chain data shows a liquidation of $71.02 million in short positions and a rise in open interest.
ECB bank lending survey shows only modest pickup in expected loan demand
While the economy has returned to growth and interest rates are coming down, loan demand is only modestly improving as bank credit standards remain tight. For the ECB, there is nothing in the data that moves the needle for coming rate cuts.