USD/JPY: Signs of life thanks to the Dollar selling pressure [Video]

Richard Perry Independent Analyst

USD/JPY

Finally some signs of life in Dollar/Yen as the tedious run of candles that do little and go nowhere is being broken by selling pressure on the dollar this morning. With a move below 107.30 the market is taking a negative bias within the 106.00/108.10 consolidation range. Momentum indicators have been so stagnant over the past couple of weeks that they are responding decisively to this move too. Stochastics swinging lower, along with RSI at a three week low. A close below 107.30 would imply a confirmed shift in sentiment towards being USD negative. A downside target of -80 pips towards 106.50 and if the support at 106.70 is breached within this move it would effectively re-open a test of the 106.00 range low. Resistance is initially at 107.30/107.60.

Author

Richard Perry

Independent Analyst

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.