USDJPY DAILY CHART – A CASE FOR A TOP?
With USDJPY unable to test 162, a case for a pause can be made, even a top but only if 160.25 and then 160 are taken out.
As you can see by this chart, there is a long way to go to break the uptrend but at a minimum, there is a two-way risk as long as it stays below 162 with a bearish tilt if below 161.50.
GBPUSD DAILY CHART – ELECTION DAY
No change to what I posted last night (today;s low has been 1.2740)
With a landslide Labour win on Thursday widely expected, the reaction will tell us how much is discounted.
Charts, meanwhile are very clear… if 1.2739 becomes support there is a clear path for 1.2860 with the psychologicl 1.28 level standing in the way.
A look at the day ahead in European and global markets from Wayne Cole.
It’s been a generally upbeat day so far in Asia as softer U.S. data burnished the case for a September rate cut from the Federal Reserve.
The main event in Europe will be the UK election, where the only real unknown is how super Labour’s majority will be. The bookies are odds on for Labour and even Tory ministers have conceded they are heading for a record thumping.
Morning Bid: Bets mount for US rate cut, UK political shake up
EURUSD DAILY CHART – 1.08 PIVOTAL
Momentum building to the upside but yet to establish above 1.08.
1.0817 held yesterday but remains at risk. A firm break puts the key 1.0852 on the radar. A break of this level would open the door for 1.09-1.10.
With that said, 1.08+ first needs to be established.
In any case, expect support on dips ahead of tomorrow’s US jobs report as long as it stays above 1.0752.
Reminder French second round vote is on Sunday.
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