Intraday Analysis – JPY jumps as shorts take profit

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/04081606/Intraday-19.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="JPY jumps as shorts take profit" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/04081606/Intraday-19.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/04081606/Intraday-19-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>USDJPY hits major resistance<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/04082129/USDJPY-chart.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-208915 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/04082129/USDJPY-chart.png" alt="USDJPY chart 4-20-23" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/04082129/USDJPY-chart.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/04082129/USDJPY-chart-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/04082129/USDJPY-chart-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/04082129/USDJPY-chart-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The yen snapped back amid rumours of a possible Japanese authority’s intervention in the currency market. Traders have been on their toes as the pair slowly made its way back to the psychological and anniversary level of 150.00. An upper wick is a sign of rejection while a long lower one to 147.50 threw out a number of short-term positions. From the daily chart’s perspective, the 20-day SMA continues to play dynamic support and the bulls would see their control seriously challenged if the price comes into the 144.60-146.00 range.</p>
<h2>AUDUSD breaks lower<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/04082212/AUDUSD-chart.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-208916 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/04082212/AUDUSD-chart.png" alt="AUDUSD chart 4-10-23" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/04082212/AUDUSD-chart.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/04082212/AUDUSD-chart-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/04082212/AUDUSD-chart-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/04082212/AUDUSD-chart-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The Australian dollar slid as the RBA kept interest rates untouched for a fourth time in a row. After the pair hit resistance at 0.6500, a fall below 0.6340 invalidated the latest rebound and suggests that the bears are still in the driver’s seat. The base of last November’s rally at 0.6280 is the level to see if the bulls would make their way back. 0.6380 would be the first obstacle to lift before they could push back. Otherwise, the fear of catching a falling knife could amplify losses and send the aussie to a one-year low at 0.6180.</p>
<h2>UK 100 tests critical floor<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/04082247/UK-100-chart.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-208917 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/04082247/UK-100-chart.png" alt="UK 100 chart 4-10-23" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/10/04082247/UK-100-chart.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/04082247/UK-100-chart-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/04082247/UK-100-chart-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/10/04082247/UK-100-chart-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>Soft commodity prices drag the FTSE 100 as global risk appetite remains timid ahead of US job data. The index is seeking support in the daily demand zone 7400-7500 which is critical in keeping last month’s rally intact. The RSI’s oversold situation attracted some buying interests, probably from short-term sellers taking some chips off the table. Sentiment would remain cautious unless the bulls manage to clear 7550 then 7630. On the downside, 7400 is an important level to prevent a bearish reversal in the medium-term.</p>
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