USDJPY driving higher
The Japanese yen bounced following the Fed rate drop, which marked its first interest rate cut.. The latest move to the upside has come to a halt after testing 144.00, and an initial drop below 143.00 has prompted intraday buyers to cut back their exposure. Increasing resistance could be felt as the dollar fights back. 142.30 is a significant floor to maintain the current momentum. Otherwise, a reversal of yesterday’s move could see the pair collapse towards 140.00.
USOIL stuck sideways
Oil remains steady after being sucked into a consolidation zone for the past few sessions. On the chart, the directional bias is attempting to move higher, with the commodity probing for support after attempting to break 70.00. Subsequently, a close above the peak of a previous swing high at 73.50 will indicate a robust bullish drive. 71.50 might be the last key resistance, and its breach could resume the recovery. 68.80 is a fresh support in case of a pullback.
SPX 500 hits another record
The S&P climbs to another record after the Fed’s super-sized rate cut. A surge above 5660 forced sellers to cover until the pullback saw price action trade just above the 5600 level. A break above 5680 could trigger a bullish continuation, as investors react to the Fed rate drop. In the meantime, the RSI’s other venture into the overbought area could lead to a temporary retracement, which the bulls could see as an opportunity to stake in as sentiment could turn around. 5560 would be the closest support.