USD/JPY met support line since summer 2014. The key support is at 122.00, further support levels lie at 121.85 and 121.55. Strong resistance is at 123.20. Uncertainty about Greece maintains demand for the yen as a safe haven and limits the pair’s advance. In addition, comments from the Bank of Japan’s policymakers have diminished the likelihood of further monetary stimulus in Japan. On Wednesday, July 1, the US will release ADP employment report at 12:15 GMT and ISM manufacturing PMI at 14:00 GMT. The forecasts are quite optimistic.
GBP/USD is sideways in range between 1.5660 and 1.5810. On the downside there are several support levels – 1.5638 and 1.5550. Resistance, however, will come only at 1.5930 (June 18 high). Britain will release manufacturing PMI at 08:30 GMT, and the Bank of England’s Governor Carney will speak at 09:30 GMT.
AUD/USD rose to 0.7725, but met resistance of the 100- and 55-period MAs on H4. Aussie was supported by monetary easing in China. Reserve Bank of Australia Governor Glenn Stevens showed no new concerns over the Chinese economy on Tuesday. A bunch of Chinese and Australian statistics is due early on Wednesday. The forecasts are rather positive. Further resistance is at 0.7765 and 0.7800. Support is at 0.7650.
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