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.
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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
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