Intraday Analysis – JPY loses momentum

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20081626/Intraday-report.png" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Intraday-report" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20081626/Intraday-report.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20081626/Intraday-report-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>USDJPY recoups some losses<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20082359/USDJPY-CHART-20-12-2023.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-214283" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20082359/USDJPY-CHART-20-12-2023.png" alt="USDJPY-CHART-20-12-2023" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20082359/USDJPY-CHART-20-12-2023.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20082359/USDJPY-CHART-20-12-2023-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20082359/USDJPY-CHART-20-12-2023-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20082359/USDJPY-CHART-20-12-2023-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The Japanese yen weakened after the BoJ kept its dovish policy guidance. On the daily chart, the pair is still in a recovery mode after coming off a 12-month high of 152.00. The rebound is now taking on its first hurdle at 146.00 near the previous swing high and next to the 20-day SMA. A bullish breakout would prompt a few sellers to trim their bets, easing the downward pressure. As the RSI ventured again in the overbought area, a pullback might be due and 142.50 would be the first level to maintain the current momentum.</p>
<h2>USDCAD struggles to bounce<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20082455/USDCAD-CHART-20-12-2023.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-214285" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20082455/USDCAD-CHART-20-12-2023.png" alt="USDCAD-CHART-20-12-2023" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20082455/USDCAD-CHART-20-12-2023.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20082455/USDCAD-CHART-20-12-2023-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20082455/USDCAD-CHART-20-12-2023-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20082455/USDCAD-CHART-20-12-2023-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The Canadian dollar advanced after the CPI beat estimates last month. A slide below September’s low of 1.3450 has further put the bulls on the defensive in the medium-term. An oversold RSI on the hourly may attract some bargain hunters. 1.3450 has turned into a fresh resistance where cautious sentiment may lead sellers to double down. Those looking for a sustained rebound will need to see 1.3590 lifted before a U-turn could be confirmed. Otherwise, the price may continue to struggle beyond 1.3220.</p>
<h2>UK 100 consolidates gains<br />
<a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20082532/UK100-CHART-20-12-2023.png"><img decoding="async" loading="lazy" class="aligncenter size-full wp-image-214286" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20082532/UK100-CHART-20-12-2023.png" alt="UK100-CHART-20-12-2023" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20082532/UK100-CHART-20-12-2023.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20082532/UK100-CHART-20-12-2023-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20082532/UK100-CHART-20-12-2023-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20082532/UK100-CHART-20-12-2023-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></h2>
<p>The FTSE 100 inched higher as commodity prices rose amid growing hopes of interest rate cuts. A jump above last October’s peak of 7700 might have put the index back on track after a lengthy correction. 7540 at the confluence of the base of the bullish breakout and the 20-day SMA saw renewed interests and is an important level to keep the upbeat bias intact in the short-term. The three-month high of 7740 could be the bears’ last stronghold and its breach may trigger an extension to the psychological level of 8000.</p>
<p>The post <a href="https://www.orbex.com/blog/en/2023/12/intraday-analysis-jpy-loses-momentum">Intraday Analysis – JPY loses momentum</a> appeared first on <a href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>