S&P 500 trades in new all-time high while USD/JPY slips, silver price rises
S&P 500 trades in new all-time high amid Fed rate cut hopes while USD/JPY slips, silver price rises.
USD/JPY has resumed its descent
USD/JPY's drop from Monday's ¥148.03 high is taking it to towards the April to June support line at ¥143.58. A fall through this level would likely lead to the late April to June support zone at ¥142.54 to ¥141.97 being reached. Further down lies the April low at ¥139.89.
Minor resistance is seen around the 11 June ¥145.46 high.
Above it the January to June downtrend line can be spotted at ¥147.69 and this week's peak at ¥148.03.
USD/JPY daily chart
Silver price rises towards 13-year high
In the middle of June the spot silver price shot up to $37.3180 per troy ounce, a level last traded in February 2012!
The early June high at $36.8900 is back in sight ahead of the recent peak at $37.3180, provided that the silver price remains above Tuesday's $35.2825 low on a daily chart closing basis.
Below this level lies a major support zone at $34.8690 to $34.5880 which consists of the October to March highs and as such should hold, if revisited at all.
Spot silver daily chart
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