GBP/USD runs into trendline resistance
The IN_GBPUSD rally has hit the buffers overnight, with a doji candle at trendline resistance marking the top for now. However, we have now come back to the previous April peak at $1.4348 which coincides with the 23.6% pullback.
Thus the exit from this triangle will dictate direction for the day, where a break through trendline resistance would look towards $1.4459 as the next key resistance level.
Alternately, a closed hourly candle below $1.4348 would point towards a deeper retracement, with $1.4309, $1.4275 and $1.4241 the next important support levels in view.
USD/JPY at crucial support level
IN_USDJPY has tumbled lower since hitting the 61.8% retracement at ¥109.49. We have since seen the creation of lower highs and lower lows, bringing price back to the 38.2% retracement and ¥108.73 support level.
Given that this support level has been respected a number of times, the ability or inability to break through ¥108.73 is expected to dictate the state of play today.
An hourly close below this level would look towards ¥108.44 and ¥107.83 as the next support levels of note. Alternately, we would need to see an hourly close above ¥109.12 for things to look a little more bullish, with ¥109.49 the next key resistance level.