USD JPY continues recovery
The Japanese yen kept the pressure on the greenback as price action continued falling. The pair has fallen over 500 pips, and the bearish mood means that pullbacks have given rise to opportunities for the sell side to stake in. The greenback is hoping for some relief after finding some support at 155.50. A bullish breakout would need a lift above 157.50, which was recently rejected. On the downside, 155.00 is the first support as the RSI ventures into oversold territory again.
GBPUSD breaks lower
Cable slips as traders await more news from the BoE concerning rate cuts. A fall below 1.3000 showed profit-taking after bulls struggled to regain momentum. However, Sterling still has an edge from the perspective of the daily chart. The brief support-turned-resistance of 1.2950 is the level to lift before cable could resume its uptrend. Otherwise, a dent in support could cause a sell-off towards 1.2850 and 1.2700.
UK 100 remains choppy
The FTSE 100 fails to find direction as the chart shows familiar trends. A slip below the previous swing high of 8260 has put the Bulls on the defensive, giving back most of the gains. The latest uptick came under pressure at 8215 as buyers ran for the exit. However, its breach could extend the recovery to 8320, which coincides with the dynamic resistance in June. On the flip side, 8120 is the bulls’ last chance to prevent a correction to recent lows near 7800.
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