GER 40 keeps its edge
Germany’s stock index faded slightly from its record high as the Dax looks to hit another peak. The Germany’s stock index made a decisive break above 20000 putting buyers back in the game with a solid footing. The previous swing high of 20400 is the next resistance standing in the way of a bullish continuation in the medium term. As the RSI drops, a limited retreat might be needed to let the bulls regroup in anticipation of a new round of rallies. The former supply zone 20200 has turned into a support.
GBPUSD consolidates gains
Cable kept the progression going after bouncing over 200 pips from November’s low at the 1.2500 zone. The recent high of 1.2800 was short-lived after a heavy rejection. However, a surge above this ceiling might open the door to a continuous rebound. 1.2870 is the next threshold before the buyers reclaim more control. In the meantime, the rally could need some breathing room, and a pullback could be seen as an opportunity to stake in. 1.2710 is the closest support to expect follow-through buying.
USDJPY waiting for a breakout
The Yen struggled to keep the downward movement going as a firm consolidation is now taking shape. So far, it seems that the buy side is having a hard time lifting offers. A steep drop below 150.00 would stir up volatility once again by triggering a liquidation of leveraged short-term bets. However, 151.00 would see renewed buying interest, and a bullish breakout would lead to an extended rally. Further down, the double bottom at 149.20 is an essential daily support level in case of a sell-off.
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