Intraday Market Analysis – USDJPY Confirms Bullish Reversal.

USD/JPY breaks above critical resistance

The US dollar rallies on solid growth and jobless claims data. The pair has found bids in the daily demand zone between 108.30 and 108.60. Repeated tests of the support without breach have suggested strong interest in keeping the price afloat.

The latest impetus above 109.70, the upper band of a three-week-long consolidation range, reverses the gear in favor of the dollar.

110.50 then the psychological level of 111.00 would be the next target.

In the meantime, an overbought RSI may initiate a brief pullback towards 109.00.


XAG/USD bounces off rising trendline

Jitters in US Treasury yields put a cap on bullions’ advance. Silver has been grinding up along a rising trendline since late March.

The breakout above 28.30 has put the psychological level of 30 in buyers’ line of sight. This is an indication that the bulls are still in charge.

A rally back above 28.20 would bring in momentum and turn what looks like a short-term recovery into the continuation of the medium-term uptrend.

As the price tests the trendline (27.50), a neural RSI may attract more bids.


UK 100 consolidates in pennant

The FTSE remains subdued after the number of Covid cases in the UK broke above 3,000 for the first time in over six weeks.

The index is trading in a narrowing range between 6980 and 7075. This is a sign of the market’s indecision intraday. A break above the pennant would boost momentum and lead the price to 7160, eventually turning into a bullish continuation.

A bearish breakout, however, may trigger a cascade of sell-off to 6925 and then towards 6820 as buyers try to bail out.


This information has been prepared by Orbex, a trading name of Orbex Group Limited. DrForexOfficial, will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Join Orbex and for all the support you need from an award-winning Forex Broker - Click here to join our telegram channel ( and stay updated with the latest headlines.

Leave a Comment :


We will provide you latest market updates and analysis, for that you can JOIN OUR TELEGRAM CHANNEL and get daily profit and more facilities. If you want to JOIN TELEGRAM CHANNEL, click here to join.