Intraday Analysis – JPY turns lower

USDJPY breaks resistance

The Japanese yen edged lower after a surprise rise in February’s unemployment rate. The pair is still trying to recover from the daily support at 130.00 after the February rally gave up most of its gains. A break above the previous swing high of 133.00 could extend the rally to 135.00 above the 20 and 30-day SMAs, giving the bulls a fighting chance. 132.30 at the base of the momentum is the first level to gauge the strength of follow-through and 131.20 a critical floor to keep the current rebound valid.

XAGUSD grinds higher

Silver continues upward as the US dollar retreats across the board. After a brief pause at the origin of the February sell-off and the support-turned-resistance of 23.50, a higher high indicates that there is still juice in the rally. The precious metal is heading towards this year’s high of 24.50 which is also a former support from April 2022, making it a significant level. A bullish breakout could signal a sustained recovery above 26.00 in the medium-term. In the meantime, 23.40 is the first support in case of a pullback.

NAS 100 regains strength

The Nasdaq 100 rallies as slower US growth in Q4 argues in favour of a pause in the tightening. On the daily chart, a decisive break above February’s high of 12870 compounds the bullish MA cross, hinting at a broader recovery in the days to come. The RSI’s overbought condition may cause a limited pullback with 12810 as the first support where the bulls would look to stake in at a discount, before pushing past the daily resistance of 13200. 12510 over the 20-day SMA would be the bulls’ second line of defence.

The post Intraday Analysis – JPY turns lower appeared first on Orbex Forex Trading Blog.