Intraday Analysis - Thursday, Jan. 29
USDJPY breaking the barrier
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The Japanese yen strengthened further after moving away from the recent top at 159.00. On the chart, the pair is still in a recovery mode, and the rebound is now taking on its first hurdle at 152.00 near the previous swing low. A further bearish breakout would prompt some buyers to trim their bets, easing upward pressure. As the RSI ventured back into oversold territory, a pullback might be due, and 154.50 would be the first level to maintain a turnaround and escape the psychological level of 150.00.
USDCAD remains bearish
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The Canadian dollar advanced as currencies across the board rose against the greenback. A break below 1.3600 has further put the bulls on the defensive. An oversold RSI on the hourly chart could attract some bargain hunters. 1.3550 has turned into a fresh support, and cautious sentiment could lead sellers to double down. Those looking for a sustained rebound will need to see 1.3700 tested and confirmed, otherwise, the price could continue to struggle, with 1.3500 on the horizon.
UK 100 hitting another high
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The FTSE100 inched higher in its ascending channel as prices close in on a record peak. A jump above 10200 might have put the index back on track after a lengthy consolidation. 10100 at the base of the bullish breakout saw renewed interest and is an important level to keep the upbeat bias intact to avoid a slip towards 10000. The record high around 10300 is the target higher, and its breach could trigger an extension to 10500.
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