S&P 500 Comes Off Record High Amid US Tariffs While USD/JPY, Silver Price Rally

(MENAFN- DailyFX (IG)) ​USD/JPY tries to break through resistance

USD/JPY's recovery from its ¥142.69 early July low has taken it to its January-to-July downtrend line at ¥146.98 which it is trying to break through.

Were this to happen on a daily chart closing basis, the June peak at ¥148.03 would be in sight. Further up lie the 9 April and 12 May peaks at ¥148.28-to-¥148.65 which create formidable resistance.

In case of failure around the downtrend line being seen, Thursday's low at ¥145.76 may be revisited, a fall through which would open the door for the 11 June high at ¥145.46 to be reached.

Source: TradingView ​Silver price rises towards 13-year high

In the middle of June the silver price shot up to $37.3180 per troy ounce, a level which is being retested and which was last traded in February 2012!

Above it beckons the February 2012 peak at $37.5088.

The early June high at $36.8900 offers immediate support ahead of the late June high at $36.8360 and the April-to-July uptrend line at $36.3262.

Source: TradingView Important to know

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