Intraday Analysis – JPY recoups losses

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/11080401/Intraday-1-1.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Intraday Analysis" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/11080401/Intraday-1-1.webp 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/11080401/Intraday-1-1-300×172.webp 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>USDJPY breaks support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/11075320/USDJPY-5.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204661 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/11075320/USDJPY-5.png" alt="Chart of USDJPY" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/11075320/USDJPY-5.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/11075320/USDJPY-5-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/11075320/USDJPY-5-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/11075320/USDJPY-5-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The yen bounces across the board over concerns of a potential BoJ intervention amid an oversold market. The pair cut through the round number of 142.00 which sat at the confluence of the 30-day SMA and a support-turned-resistance from a bullish breakout in late June, sending a downbeat signal. <strong>140.80 </strong>is the next level to see if the bulls would step in before the pair extends losses to the psychological level of 140.00. The RSI’s double dip in the oversold zone may cause a limited pullback towards <strong>143.40</strong>.</p>
<h2>EURGBP grinds critical floor</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/11075405/EURGBP-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204662 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/11075405/EURGBP-2.png" alt="Chart of EURGBP" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/11075405/EURGBP-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/11075405/EURGBP-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/11075405/EURGBP-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/11075405/EURGBP-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The pound bounces as traders expect interest rates to rise to a peak of near 6.5%. As the pair grinds the June lows around 0.8520, a bullish RSI divergence suggests a loss of momentum in the downward direction, and a breach above 0.8570 would provide confirmation and prompt sellers to cover. Then the former support of <strong>0.8600</strong> could be the last obstacle standing in the way of a sustained rebound. On the downside, a fall below <strong>0.8520</strong> would undermine the bulls’ effort and trigger a new round of sell-off towards 0.8400.</p>
<h2>US 30 tests daily support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/11075606/US30-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204663 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/11075606/US30-2.png" alt="Chart of US30" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/11075606/US30-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/11075606/US30-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/11075606/US30-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/11075606/US30-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Dow Jones 30 recovered some lost ground as the market turned its attention to upcoming CPI data. The index is testing the previous swing low and daily support at <strong>33600</strong>, a major level to keep June’s bullish momentum going as its invalidation would force bulls to abandon ship and cause a deeper correction. The top of a limited bounce at <strong>34000 </strong>is the first hurdle to clear then the double top at 34470 is the current ceiling. In case of bearish breakout, 33100 at the base of the June breakout rally could be in the crosshairs.</p>
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