AUD/JPY Pulls Back, But Still in an Uptrend

JFD Team JFD

AUD/JPY traded lower yesterday, after it hit resistance fractionally above 83.00. However, the price structure remains of higher peaks and higher troughs above the short-term uptrend line taken from the low of the 26^th of October and thus, we would consider the near-term outlook to be cautiously positive for now.

Even if the latest slide continues below 82.35, we would still see a decent chance for the bulls to take charge from near the aforementioned trend line. If they do so and manage to bring the rate back above 82.35, then we may see them aiming for another test at around 83.00. A break above 83.00 would confirm a forthcoming higher high and may initially aim for the 83.25 hurdle, defined by the high of the 31^st of July.

Taking a look at our short-term oscillators, we see that the RSI exited its above-70 territory and now looks to be heading towards 50, while the MACD, although positive, lies below its trigger line and points south as well. These indicators suggest that the current setback may continue for a while more, perhaps for a test near the short-term uptrend line.

In order to start examining the case for a short-term trend reversal to the downside, we would like to see a clear dip below 81.95. Such a move could encourage the bears to drive the battle towards the 81.30 area, the break of which could extend the slide towards 81.00.

Boost your performance with JFD Brokers’ proven DMA/STP. Don’t change your style, change your broker!

Author

JFD Team

JFD

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.