Intraday Analysis – JPY stays under pressure

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/30084502/Intraday-14.webp" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="" decoding="async" loading="lazy" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/30084502/Intraday-14.webp 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/30084502/Intraday-14-300×172.webp 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>USDJPY grinds rising trend line</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/30083946/USDJPY-18.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204261 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/30083946/USDJPY-18.png" alt="Chart of USDJPY" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/30083946/USDJPY-18.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/30083946/USDJPY-18-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/30083946/USDJPY-18-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/30083946/USDJPY-18-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Japanese yen dipped after the CPI in the Tokyo area fell short of expectations in June. The pair has been climbing along a rising trend line from mid-June and the bullish mood means that pullbacks have been opportunities for the buy side to stake in. The greenback is testing the supply zone around <strong>146.00</strong> from last November’s sell-off. A bullish breakout would cement the dollar’s supremacy and pave the way for a rally towards 150.00. On the downside, <strong>144.00</strong> on the trend line is the first support.</p>
<h2>GBPUSD breaks lower</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/30084054/GBPUSD-19.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204262 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/30084054/GBPUSD-19.png" alt="Chart of GBPUSD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/30084054/GBPUSD-19.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/30084054/GBPUSD-19-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/30084054/GBPUSD-19-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/30084054/GBPUSD-19-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>Cable slips as traders fear the UK economy is the weakest link in the global tightening campaign. A fall below 1.2650 was a sign of profit-taking after the bulls struggled to push back above 1.2830, putting a dent to the short-term mood. However, Sterling still has an edge from the daily chart’s perspective. <strong>1.2650 </strong>at the confluence of the base of a mid-June breakout rally and the 30-day SMA is a key level to expect buying. The brief support-turned-resistance of <strong>1.2710</strong> is the level to lift before cable could resume its uptrend.</p>
<h2>UK 100 struggles for bids</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/30084144/UK100-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-204263 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/30084144/UK100-2.png" alt="Chart of UK100" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/06/30084144/UK100-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/30084144/UK100-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/30084144/UK100-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/06/30084144/UK100-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The FTSE 100 slides as the Thames Water crisis pulls utility stocks lower. A slip below the previous swing low of 7430 has put the bulls on the defensive, giving back most of the gains from the V-shaped bounce in May. The latest uptick came under pressure at <strong>7515 </strong>as trapped bulls ran for the exit. However, its breach could extend the recovery to 7580 which coincides with dynamic resistance from the 30-day SMA. On the flip side, <strong>7430 </strong>is the bulls’ last chance to prevent a correction all the way to this year’s lows near 7300.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/06/intraday-analysis-jpy-stays-under-pressure">Intraday Analysis – JPY stays under pressure</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>