Steve Miley, MSTA
MarketChartist
USDJPY bear threat intact for key 100.80/75 supports
Despite a bounce, the latter week breakdown through 101.43 and 101.20 maintains negative pressures from the stall back from the 101.85 spike high.
This activity reinforces the bear theme from June and leaves risk for a downside extension below 101.08/06 this week.
We see modest resistance at 101.46 and 101.53, but look for the 101.81/85 area to cap upside.
Through 101.06 support targets the 100.80 (May) and 100.75 (2014) lows.
Overshoot threat for late July is to the retrace/ psychological target at 100.00
WHAT CHANGES THIS?
Above 101.58 eases bear pressures, through 101.85 signals a neutral tone, only shifting positive above 102.36.
4 Hour USDJPY Chart
Daily USDJPY Chart
THERE IS SUBSTANTIAL RISK OF LOSS IN TRADING FUTURES, OPTIONS AND FX PRODUCTS. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE
Recommended Content
Editors’ Picks
EUR/USD retreats to 1.0750, eyes on Fedspeak
EUR/USD stays under modest bearish pressure and trades at around 1.0750 on Wednesday. Hawkish comments from Fed officials help the US Dollar stay resilient and don't allow the pair to stage a rebound.
GBP/USD remains on the defensive around 1.2500 ahead of BoE
The constructive tone in the Greenback maintains the risk complex under pressure on Wednesday, motivating GBP/USD to add to Tuesday's losses and gyrate around the 1.2500 zone prior to the upcoming BoE's interest rate decision.
Gold flirts with $2,320 as USD demand losses steam
Gold struggles to make a decisive move in either direction and moves sideways in a narrow channel above $2,300. The benchmark 10-year US Treasury bond yield clings to modest gains near 4.5% and limits XAU/USD's upside.
SEC vs. Ripple lawsuit sees redacted filing go public, XRP dips to $0.51
Ripple (XRP) dipped to $0.51 low on Wednesday, erasing its gains from earlier this week. The Securities and Exchange Commission (SEC) filing is now public, in its redacted version.
Softer growth, cooler inflation and rate cuts remain on the horizon
Economic growth in the US appears to be in solid shape. Although real GDP growth came in well below consensus expectations, the headline miss was mostly the result of larger-than-anticipated drags from trade and inventories.