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Intraday Analysis – JPY falls back

Intraday Analysis – JPY falls back

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Intraday-Analysis-JPY-falls-back

USDJPY tries to recover
USDJPY-CHART-24-11-2023

The Japanese yen lost steam after the CPI reading in October fell short of expectations. A slide below the daily support of 149.00 has led some short-term buyers to exit their positions. The pullback so far has been contained at 147.30 near the previous snapback in early October. A doji candle on the daily chart indicates renewed interest in keeping the price afloat. The greenback is testing the psychological level of 150.00 and a convincing breakout may lift the pair to the ceiling of 151.70. 148.60 is the immediate support.

NZDUSD tests supply area
NZDUSD-CHART-24-11-2023

The New Zealand dollar edged higher after retail sales turned positive in the third quarter. A jump above the daily resistance of 0.6050 has prompted sellers to cover their bets and eased the pressure in the short-term. The support-turned-resistance of 0.6110 from the August sell-off is the next hurdle where a bearish drive could be expected from a combination of profit-taking and fresh selling. A bullish breakout however, would open the door to the summer peak of 0.6400. 0.5970 is the closest support in case of a pullback.

NAS 100 may consolidate gains
NAS-100-CHART-24-11-2023

The Nasdaq 100 advances as investors continue to price in the end of the Fed’s hiking cycle. The price continues on its way above this year’s high of 15830, further reinforcing the bullish mood. 16300 is the next target before the index would hit the all-time high of 16770. A pullback cannot be excluded to let the rally take a breather, especially as the RSI keeps showing an overbought condition. 15830 is the first support should this happen and 15400 over the 20-day SMA would be a second layer to expect follow-up buying.

The post Intraday Analysis – JPY falls back appeared first on Orbex Forex Trading Blog.

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