Yen pairs are looking a lot more positive than they did yesterday
Yen pairs are higher today and that’s helped the risk mood improve in more than a few pairs. However, it’s not completely changed the picture from yesterday with some of the majors still fighting against some broken and old S&R points.
USDJPY fell below what was previously flagged as a good support level at 113.20/30, and while we got a bounce from the well-worn 112.50 level, we’re struggling to retake that 113.20/30 level, which is now resistance.
113.50 then 113.80 will be the next resistance points should we move higher. Expect support to be lurking around 113.00 but the stronger stuff is sitting protecting longs from 112.50, around 112.75.
In other pairs, Cable held support again down around 1.3130 and has found a wall at 1.3200. Above there we look to yesterday’s high around 1.3212 and the old level at 1.3220/30.
EURUSD is finding plenty of resistance at 1.1770 right now.
1.1755/60 is where support sits but it doesn’t look based on anything much so we may not see anything decent until 1.1720/30. 1.1800 is the next topside area to monitor, then 1.1830 and 1.1860 again.
Pretty much we’ve given back some of the moves from yesterday but the key word is “some”. For now we’re pretty balanced so we can go either way. The US data could bring some action but none of the indicators due are potential game changers for hikes. The price data in the Philly Fed, and import/export prices probably require most attention.