Intraday Analysis – JPY loses momentum
![Intraday-report](https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20081626/Intraday-report.png)
USDJPY recoups some losses
![USDJPY-CHART-20-12-2023](https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20082359/USDJPY-CHART-20-12-2023.png)
The Japanese yen weakened after the BoJ kept its dovish policy guidance. On the daily chart, the pair is still in a recovery mode after coming off a 12-month high of 152.00. The rebound is now taking on its first hurdle at 146.00 near the previous swing high and next to the 20-day SMA. A bullish breakout would prompt a few sellers to trim their bets, easing the downward pressure. As the RSI ventured again in the overbought area, a pullback might be due and 142.50 would be the first level to maintain the current momentum.
USDCAD struggles to bounce
![USDCAD-CHART-20-12-2023](https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20082455/USDCAD-CHART-20-12-2023.png)
The Canadian dollar advanced after the CPI beat estimates last month. A slide below September’s low of 1.3450 has further put the bulls on the defensive in the medium-term. An oversold RSI on the hourly may attract some bargain hunters. 1.3450 has turned into a fresh resistance where cautious sentiment may lead sellers to double down. Those looking for a sustained rebound will need to see 1.3590 lifted before a U-turn could be confirmed. Otherwise, the price may continue to struggle beyond 1.3220.
UK 100 consolidates gains
![UK100-CHART-20-12-2023](https://assets.iorbex.com/blog/wp-content/uploads/2023/12/20082532/UK100-CHART-20-12-2023.png)
The FTSE 100 inched higher as commodity prices rose amid growing hopes of interest rate cuts. A jump above last October’s peak of 7700 might have put the index back on track after a lengthy correction. 7540 at the confluence of the base of the bullish breakout and the 20-day SMA saw renewed interests and is an important level to keep the upbeat bias intact in the short-term. The three-month high of 7740 could be the bears’ last stronghold and its breach may trigger an extension to the psychological level of 8000.