GBP/USD looks set to rally once more
IN_GBPUSD looks like it is set to break higher once more, as the recovery from Friday’s sharp depreciation looks set to continue. Price fell overnight moving back towards the 76.4% support level.
Ultimately for us to move out of this downturn, we would need to see a break through $1.3467, which would subsequently look towards $1.3534 and $1.3563 as the next resistance levels. Alternately, a break and hourly close below $1.3291 would provide us with a bearish outlook once more.
USD/JPY showing signs of weakness
IN_USDJPY temporarily fell below the ¥102.49 support level this morning, following on from a clear uptrend established after Friday’s lows. We still remain within a short-term uptrend, yet the fact we temporarily broke below this support level could be a sign of things to come.
As such, we would need a break back above ¥103.02 to confirm this rally remains intact. Otherwise, there is the potential for a failure around the ¥102.89 (76.4% retracement). As such, an hourly close above ¥103.02 would provide a bullish view, with an hourly close below ¥102.45 required to signify a return to the bearish outlook.