By Orbex
USDJPY tests major resistance
The Japanese yen inched higher after January’s Tokyo CPI beat expectations.
The US dollar found support in the daily demand zone around 113.50. And that is a sign that upbeat sentiment in the medium-term remains intact.
A close above the psychological level of 115.00 attracted momentum traders and sped up the rebound. 115.60 at the origin of the January liquidation is key resistance. In fact, its breach could put the uptrend back on track.
The RSI’s overextension may cause a limited pullback with 114.50 as the closest support.
Free Reports:
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
Download Our Metatrader 4 Indicators – Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
USOIL breaks to new high
Oil climbed amid fears of disruption as tensions between Russia and the West grew.
After a short-lived pause, WTI crude saw bids near a previous low at 82.00 which lies on the 20-day moving average. A break above the January peak at 87.80 indicates solid interest in keeping the rally in shape.
As the bulls’ run continued, more trend-followers would push the price to 89.00. An overbought RSI temporarily restrained the fever, and buyers could see a pullback towards 85.00 as an opportunity.
SPX 500 struggles for support
Upcoming US rate hike still weighs on equity markets. A tentative break below last October’s low (4300) has put the S&P 500 on the defense.
A bearish MA cross on the daily chart shows that sentiment could be deteriorating as price action struggles to stabilize. An oversold RSI led to a limited rebound as intraday sellers took profit.
Nonetheless, buyers should be wary of catching a falling knife, leaving the index vulnerable to another sell-off if it drops below 4230. 4490 is the first resistance to clear to initiate a recovery.
Article by Orbex
Orbex is a fully licensed broker that was established in 2011. Founded with a mission to serve its traders responsibly and provides traders with access to the world’s largest and most liquid financial markets. www.orbex.com
- Optimism surrounding the US-China summit in Beijing supported the markets May 15, 2026
- Gold Falls on US Inflation Concerns as Week Ends in Losses May 15, 2026
- The oil market may remain in a state of severe supply shortage until autumn May 14, 2026
- GBP/USD Under Policy Pressure: What Lies Ahead for the Prime Minister? May 14, 2026
- European stock markets declined amid rising concerns about an energy crisis May 13, 2026
- USD/JPY Continues to Climb Amid External and Domestic Pressures May 13, 2026
- You can change your emotions – but it’s a 2‑step process that takes some effort May 12, 2026
- The United States rejected Iran’s proposal for resolving the conflict. Oil prices surged again May 12, 2026
- EUR/USD on Edge: Middle East and China in Focus May 12, 2026
- The US stock indices continue to set new records. China’s exports showed a sharp increase May 11, 2026
