Intraday Analysis – JPY Bounces Back

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/28091841/Intraday-23-3.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/28091841/Intraday-23-3.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/28091841/Intraday-23-3-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>USDJPY breaks lower</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/28091546/usdjpy-3-1.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-205640" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/28091546/usdjpy-3-1.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/28091546/usdjpy-3-1.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/28091546/usdjpy-3-1-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/28091546/usdjpy-3-1-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/28091546/usdjpy-3-1-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Japanese yen soared on rumours of a possible tweak to the Bank of Japan’s yield-curve control. Last week’s bounce came to a halt at the bearish MA cross (141.90), revealing a strong pressure after the buy side conceded the demand zone around 138.80. A lack of follow-up support at the psychological level of 140.00 has put early buyers on the defensive. The recent daily low of <strong>137.40</strong> is the next level to see if the rebound from the past two weeks could be preserved and <strong>141.90</strong> is the key obstacle to remove.</p>
<h2>XAGUSD hits resistance</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/28091603/xagusd.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-205641" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/28091603/xagusd.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/28091603/xagusd.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/28091603/xagusd-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/28091603/xagusd-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/28091603/xagusd-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>Silver tumbled as the US dollar recovered following a series of upbeat economic data. The price has sought to consolidate its gains after it cleared June’s top of 24.50 but the latest bounce has failed to produce a new high above 25.25. A subsequent fall below the swing low of 24.30 is a sign of liquidation, forcing leveraged short-term buyers to bail out and exacerbating volatility. <strong>23.60</strong> may attract traders looking to buy the dip as the RSI sank into the oversold area. The former support of <strong>24.60</strong> has become a fresh resistance.</p>
<h2>NAS 100 turns lower</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/28091623/US100-2.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-205642" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/28091623/US100-2.png" alt="" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/28091623/US100-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/28091623/US100-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/28091623/US100-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/28091623/US100-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Nasdaq 100 faltered as stronger-than-expected US economic growth put rate cuts in doubt. An initial pullback has prompted some buyers to take profit. Then the price’s struggle to clear the supply zone between <strong>15800 </strong>and 15900 suggests that the path of least resistance could be down. A break below the recent low of <strong>15380 </strong>would throw out the latest trend followers and pave the way for a deeper correction. The psychological level of 15000 sits near a daily support, making it a major level to gauge the bulls’ resolve.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/07/intraday-analysis-jpy-bounces-back">Intraday Analysis – JPY Bounces Back</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>