GBP/JPY stuck sideways
The pound bounced back after the recent bearish rally, which saw over 1000 pips wiped off the valuation of the pair. A decisive close above the immediate resistance of 190.00 prompted sellers to cover their bets and could have put the pound back on track despite the previous sell-off. The July high of 208.00 is the next target but needs a breach of 195.00 as the last obstacle, and its breach would bring more conservative buyers back to the game and pave the way for a bullish continuation.
EURUSD bounces higher
The euro progressed further as prices hit a multi-month high. The pair is still probing for resistance after hitting an 8-month high above 1.1100. The previous break above 1.1050 put early sellers on the defensive, and this could lead to a further rally to the higher band of the previous consolidation range of 1.1180. With an overbought RSI, bears could look to sell into strength as short-term sentiment remains cautious for now.
GER 40 reaches another high
The Dax 40 inches higher thanks to cooling inflation across the eurozone. A rally above 18000 is a sign that the bullish mood is still intact. 18800 is the next high as trend followers are likely to hold onto the direction. As the RSI shows a repeatedly overbought condition, a brief pullback could be seen as an opportunity to buy at a lower price. On the downside, 17800 is the first level and 17200 the second layer to test buyers’ resolve.
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