Spreads
Spreads
Spreads
Spreads
Spreads
USDJPY gained 0.17% on the last trading day of the week to close the week in positive territory despite experiencing strong pullbacks on Wednesday and Thursday. The bullish sentiment continues to surround USDJPY as interest rate differences between the U.S. and Japan continue to overshadow any sort of fundamental news effects. On the economic docket, Japan’s Tankan large non-manufacturers index is set to release on the 30th.
On the technical side, USDJPY has found new support at the 134.76 price region and continues to trend upwards. The resistance level at 136.57 has not been challenged since Wednesday. RSI for the pair sits at 61.73, as of writing. On the four-hour chart, USDJPY currently trades above its 50, 100, and 200-day SMA.
Resistance: 136.57
Support: 133.84, 134.76
EURUSD gained 0.38% over the last trading day of the week to end the week in positive territory. Depressed PMI data from Germany and the Euro area has added concerns over an impending recession in the EU and uncertainty about the ECB’s abilities to tame inflation and support economic growth. On the economic docket, ECB President Lagard is set to speak on the 28th and Fed Chair Jerome Powell is set to speak on the 29th.
On the technical side, EURUSD continues to trade below our previously estimated resistance level of 1.05754. Selling pressure remains strong around this level. RSI for the pair sits at 55.93, as of writing. On the four-hour chart, EURUSD currently trades above its 50-day SMA, but below its 100 and 200-day SMA.
Resistance: 1.05754, 1.06315
Support: 1.0382
GBPUSD traded sideways over the last trading day of the week. Cable ended the week with a 0.44% gain. U.K. retail sales declined by 0.5% monthly in May, thus hurting some of the demand for the British Pound. On the economic docket, British GDP figures are set to release on the 30th, after BoE governor Bailey’s speech on the 29th.
On the technical side, GBPUSD continues to trade below our previously estimated resistance level of 1.2381; on the other hand, support levels for Cable remain firm at 1.2173 and 1.20824. RSI for the pair sits at 44.58, as of writing. On the four-hour chart, Cable currently trades below its 50, 100, and 200-day SMA.
Resistance: 1.2381, 1.25047
Support: 1.2173, 1.20824
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