29 Jul 2013
Flash: USD/JPY faces staunch headwinds in near-term – UBS
FXstreet.com (New York) - UBS Strategists, Gareth Berry and Geoffrey Yu take a technical perspective at today's majors and outline the technical positions.
Key quotes
Beginning with the USD/JPY, “The sharp sell-off since Thursday faces a strong support at 96.75. A closing break below this would trigger further sell-off. Resistance is at 99.41 ahead of 100.87, suggesting a neutral intraday outlook.”
“As for the GBP/USD, The pair is testing the critical resistance at 1.5394, since Thursday. A closing break above this would be a bullish development. Initial support is at 1.5356 ahead of 1.5263.
Finally, “With the MACD settled below the zero line, our focus is on further downside, with initial support at 0.9242 ahead of critical 0.9130. Resistance is at 0.9305.”
Key quotes
Beginning with the USD/JPY, “The sharp sell-off since Thursday faces a strong support at 96.75. A closing break below this would trigger further sell-off. Resistance is at 99.41 ahead of 100.87, suggesting a neutral intraday outlook.”
“As for the GBP/USD, The pair is testing the critical resistance at 1.5394, since Thursday. A closing break above this would be a bullish development. Initial support is at 1.5356 ahead of 1.5263.
Finally, “With the MACD settled below the zero line, our focus is on further downside, with initial support at 0.9242 ahead of critical 0.9130. Resistance is at 0.9305.”