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USD/JPY Above 158.50; Awaiting US Retail Sales, Powell and Trump; WTI Above $81, USD Strength May Offset Gains.

By Research Team Tuesday, Jul 16, 2024
USD/JPY

    • 11.30amD1
    • High158.7900
    • Low157.9600
    • Close158.4500

USD/JPY is trading at 158.47, 0.31% up since the previous day’s close. Tuesday’s trading in Asia is seeing the USD/JPY continue to rise beyond 158.50. The Japanese Yen is facing strong selling pressure versus the US dollar despite risk aversion and the Fed-BoJ policy divergence. as shown by the RSI, which suggests that the pair is either neutral or bearishly inclined. The nearest resistance is 161.99, while the closest support is 157.12. If it breaks, it will go as high as 155.69.

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Daily Outlook

USD/JPY

Intra Day
Near Day

Technical Levels

R3 163.4400
R2 162.6400
R1 161.9900
Turnaround 157.9600
S1 157.1200
S2 155.6900
S3 154.4500
By Research Team Tuesday, Jul 16, 2024
GER 30

    • 11.35amD1
    • High18596.00
    • Low18457.00
    • Close18477.00

GER30 is trading at 18514, 0.33% down since the previous day’s close. At the end of the previous day, German stocks had dropped due to losses in the DAX Construction, DAX Utilities, and DAX Chemicals sectors. Due to investors’ attempts to decide on “Trump trades,” which appear to mean buying the US and selling the rest, European markets are expected to open poorly. 18535 is the closest support level, and 18757 is the closest resistance in today’s sideways or down trending market perspective.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 19132.00
R2 18940.00
R1 18757.00
Turnaround 18685.00
S1 18531.00
S2 18398.00
S3 18207.00
By Research Team Tuesday, Jul 16, 2024
WTI

    • 11.40amD1
    • High81.90
    • Low81.16
    • Close81.26

WTI  is trading at 81.16, 1.00% down since the previous day’s close. US crude oil, West Texas Intermediate Around the mid-$80.00s, or a multi-day low reached during the Asian session on Monday, oil prices draw some dip buying. Rebounding USD, more supply from OPEC+, and a possible nuclear agreement with Iran will all work to drive prices down. The market may be trending downward or sideways right now. If it breaks, the nearest support is 80.80; if it doesn’t, it can go as low as 79.49 and as high as 82.55.

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Daily Outlook

WTI

Intra Day
Near Day

Technical Levels

R3 84.54
R2 83.80
R1 82.55
Turnaround 82.01
S1 80.80
S2 79.49
S3 77.93
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