USDJPY stalled out as the pair neared the 133 price region. Broad-based dollar weakness allowed the Japanese Yen some breathing room on Tuesday’s trading; however, the downside for the Japanese Yen still seems abundant, due to the BoJ’s easy policy stance. On the economic docket, Japan is set to release its quarterly GDP early in the Asia trading session on the 8th.
On the technical side, USDJPY has met its near term resistance at the 133 price region, while the near term support level at 130 sits firmly. RSI for the pair is indicating 77.16, as of writing. On the four hour chart, USDJPY is currently trading above its 50, 100, and 200 days SMA.
EURUSD fell from the start of the trading day, but the pair was able to pair losses once the American trading session began. A weaker Dollar and an overall risk-averse sentiment aided the Euro to end its third consecutive losing day against the U.S. Greenback. The ECB is set to convene on Thursday and announce its monetary policy decision.
On the technical side, EURUSD has been trading around a tight range between 1.06384 and 1.07864 for the past couple of weeks. The pair’s near-term support levels remain at 1.0695 and 1.06816, while resistance levels at 1.07864 stand firm. RSI for the pair sits at 53.46, as of writing. On the four hour chart, EURUSD is trading below its 50 day SMA, but above its 100 and 200 day SMA.
Resistance: 1.07614, 1.07864
Support: 1.0695, 1.06816
The British Pound surged as the U.S. Greenback lost demand. Britain’s Prime Minister Borris Johnson survived the vote of no confidence, by a small margin. U.K.’s services PMI printed 53.4 for May, marking the largest one-month decline for the year; furthermore, as the U.S. 10 year treasury yield retreated below 3%, the Pound gained further traction.
On the technical side, GBPUSD has broken through our previously estimated resistance level at 1.25691, but the 1.26539 resistance level remains unchallenged. The support level at 1.24539 remains firm. RSI for Cable sits at 58.46, as of writing. On the four hour chart, Cable currently trades above its 50, 100, and 200 days SMA.
Resistance: 1.25691, 1.26539
Note: The information is provided for reference purposes only and doesn’t take into account your personal objectives, financial circumstances, or needs, and does not constitute investment advice. We encourage you to seek independent advice if necessary. VT Academy will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.