The Dax (GER 40) continuing the bear trend
The Dax (GER 40) remains bearish after falling away from fresh highs in the last few sessions. However, a swift rebound from the recent low at 23300 could put the index back on track. A break above the swing high and the latest gap at 23600 would flush out the short interests and prompt sellers to cover their positions. With the latest bounce on the RSI, bulls could expect a rally to emerge. 23000 is a major psychological floor as the index looks to hang on.
GBPUSD testing higher high
The US dollar remains pressured across the board as the pound hits another peak. The pair has kept the pressure on as prices move clear of the 1.3500 level. The latest move has seen some resistance above the 1.3600 area, but price action will need to drift below 1.3550 to suggest that sellers are back in the market. 1.3580 is a key zone to keep the price afloat, as its breach would trigger an extension above 1.3650.
EURJPY continues bull run
The euro stayed in control of the market as the BoJ held its rate at 0.5%. A brief dip towards 167.00 has shaken out some undecided traders, but sentiment remains relatively solid. Price action on the chart indicates a lingering bullish pressure, and 167.60 is the closest resistance. A breakout there would lift prices to a multi-year high at 168.50, resuming the uptrend. On the downside, 166.00 is a major support if the single currency struggles to bounce.
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