Intraday Analysis – JPY still under pressure

<div><img width="750" height="430" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/21075349/Intraday-9-1.png" 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/2023/07/21075349/Intraday-9-1.png 750w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/21075349/Intraday-9-1-300×172.png 300w" sizes="(max-width: 750px) 100vw, 750px" /></div><h2>USDJPY attempts to rebound</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/21075027/USDJPY-12.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-205267 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/21075027/USDJPY-12.png" alt="Chart of USDJPY" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/21075027/USDJPY-12.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/21075027/USDJPY-12-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/21075027/USDJPY-12-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/21075027/USDJPY-12-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Japanese yen recoups some losses over an uptick in June’s CPI reading. Sentiment has turned cautious after the greenback fell below the daily support of 138.50. A bullish RSI divergence showed a slowdown in the sell-off momentum but most buyers would need more reassurance about the sustainability of the current bounce. Short-covering mostly likely lifted the pair to the psychological level of 140.00. <strong>138.80</strong> is a fresh support and <strong>140.80</strong> a key resistance to clear before the rebound would gain traction.</p>
<h2>EURAUD seeks support</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/21075203/EURAUD.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-205268 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/21075203/EURAUD.png" alt="Chart of EURAUD" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/21075203/EURAUD.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/21075203/EURAUD-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/21075203/EURAUD-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/21075203/EURAUD-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The Australian dollar surged as a jobless rate at 50-year lows could risk more rate hikes by the RBA. On the daily chart, the bias is still in favour of the euro after it broke above 1.6500. Though a drop below 1.6460 has forced leveraged buyers to bail out, the current consolidation would be valid as long as it stays above <strong>1.6230</strong>. The RSI’s oversold condition may attract some bargain hunters as the price tests this demand zone. The first hurdle at <strong>1.6490</strong> then the peak at 1.6600 are the levels to lift before the pair could recover.</p>
<h2>UK 100 breaks daily resistance</h2>
<p><a href="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/21075248/UK100-2.png"><img decoding="async" loading="lazy" class="aligncenter wp-image-205269 size-full" src="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/21075248/UK100-2.png" alt="Chart of UK100" width="1200" height="627" srcset="https://assets.iorbex.com/blog/wp-content/uploads/2023/07/21075248/UK100-2.png 1200w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/21075248/UK100-2-300×157.png 300w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/21075248/UK100-2-1024×535.png 1024w, https://assets.iorbex.com/blog/wp-content/uploads/2023/07/21075248/UK100-2-768×401.png 768w" sizes="(max-width: 1200px) 100vw, 1200px" /></a></p>
<p>The FTSE rallies as China’s stimulus boosts mining stocks. After flirting with the March lows of 7240, a jump above the daily resistance of 7560 confirms that the bulls have made their way back. The latest volatility is a combination of short-covering and momentum buying and could open the door to a sustained bounce in the medium-term. June’s high of <strong>7680 </strong>is the next level to see if the bullish impetus is intact and its break would trigger a broader short squeeze. <strong>7550 </strong>is the closest support if the rally needs some breathing room.</p>
<p>The post <a rel="nofollow" href="https://www.orbex.com/blog/en/2023/07/intraday-analysis-jpy-still-under-pressure-2">Intraday Analysis – JPY still under pressure</a> appeared first on <a rel="nofollow" href="https://www.orbex.com/blog/en">Orbex Forex Trading Blog</a>.</p>