Intraday Analysis – Yen Continues to Collapse
![](https://assets.iorbex.com/blog/wp-content/uploads/2024/04/29091534/Intraday-2024-04-29T101526.452.png)
EURJPY continues to climb
![EURJPY chart: Amid Yen collapse, approaching the 168.00 level.](https://assets.iorbex.com/blog/wp-content/uploads/2024/04/29091014/EURJPY-chart-29-04-2024.png)
The Japanese yen extended losses after the BoJ kept its key short-term interest rate unchanged. The latest surge has propelled the pair to a multi-decade high above 168.00, contributing to the yen collapse, which could keep the yen pressured for a prolonged period. With the RSI firmly overbought, the bulls could see a pullback opportunity. 167.20 is the closest support, with 166.00 as a second layer. A close above 168.50 would carry the momentum further.
GBPUSD seeks resistance
![GBPUSD chart: Cable consolidates, eyeing resistance at 1.2520.](https://assets.iorbex.com/blog/wp-content/uploads/2024/04/29091308/GBPUSD-chart-29-04-2024.png)
Cable remains in consolidation as traders await this week’s Fed decision. The latest horizontal move has managed to stay above the 20-day SMA and suggests that the bias remains bullish. A surge above the recent high of 1.2520 would resume the upward trajectory, making 1.2700 the next threshold. 1.2460 is a keen target for bears as the RSI develops a bearish divergence. 1.2400 is vital in keeping the momentum intact.
GER 40 clears resistance
![GER 40 chart: Dax climbs, aiming to clear resistance at 18110.](https://assets.iorbex.com/blog/wp-content/uploads/2024/04/29091331/GER40-chart-29-04-2024.png)
The Dax continues the climb with upbeat PMI data from Germany and the Eurozone. A tentative break below 18000 caused some profit-taking but was insufficient to spook most buyers. A follow-up rebound has lifted bids to the recent top of 18110, prompting sellers to cover their positions ahead of a bullish continuation. 18300 is the next level to clear to break to the previous swing high. On the downside, 17800 is the first support.