USDJPY grinding higher
The Yen attempts to stabilise after losing further ground to the greenback. The pair continues to grind higher after moving above 154.00 as prices look for consolidation. A series of higher highs suggests that the mood remains upbeat and could attract trend followers aiming for 155.00. As the RSI recovers from the overbought area, bulls might see a pullback as an opportunity. 153.20 is the closest support, and 152.50 is a second layer of protection.
GBPUSD drifts south
Cable remains downbeat as the strength of the dollar is felt across the board. The RSI’s venture into the oversold area could cause a snap higher if a bullish divergence emerges. However, bears could look to sell into strength due to the downward pressure. On the upside, 1.3150 is the first resistance point to expect renewed interest, and only a rise above 1.3200 would turn the tide. Otherwise, the multi-month of 1.3020 would be the next stop.
UK 100 ( FTSE100) takes a step back
The FTSE100 took a breather from its recent rally as prices moved away from the 10000 level. The index is striving to hold onto its gains after clearing the firm resistance of 9600. The next significant level to maintain the current momentum and breakout bias is 9800. Failing that, the swing low of 9680 would be a critical level to maintain this month’s rally, as its breach would expose the double bottom at 9400.
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