Gold in ascending triangle, forex trading short on USD/JPY, EUR/USD in falling wedge [Video]

Brad Alexander FX Large Limited

As we can see, all the JPY pairs are in a bearish run with price action reaching the upper trend line.

To add to the technicals on USDJPY specifically, we see the stochastic oscillator looking very overbought and about to turn over.

This candlestick pattern could be tweezer-tops when the current candle closes.

Also, the Bank of Japan will announce its Interest Rate next week and we expect a rise which will drive JPY pairs to the downside.

We find USD weaker since the beginning of August with the Democrats looking likely to take the White House in November.

A recent pullback is obvious but we see, for example, a falling wedge on EURUSD which is a bullish indication.

We find Gold at near record highs and price action has formed an ascending triangle and price could go either way.

The weaker USD is helping keep the price of gold high.

We see a similar situation with Silver in what could be an ascending triangle or, in fact, a symmetrical pennant.

That’s all for now.

CFDs and FX are leveraged products and your capital may be at risk.

Author

Brad Alexander

FX Large Limited

Brad became fascinated with the Currency Markets from a young age and researched fundamental analysis.

EUR/USD slumps below 1.1800 on hawkish Fed Minutes, eyes on ECB succession

The EUR/USD pair tumbles to a near two-week low around 1.1785 during the early Asian session on Thursday. The US Dollar strengthens against the Euro on hawkish FOMC minutes that revived speculation about potential interest rate hikes if inflation remains elevated.

GBP/USD extends decline as weak jobs data bolsters BoE rate cut bets

The Pound Sterling continued to backslide under sustained pressure on Wednesday, following through after the UK employment report on Tuesday showed a labour market deteriorating faster than expected.

Gold rises above $4,950 as US-Iran tensions boost safe-haven demand

Gold price holds positive ground near $4,985 during the early Asian session on Thursday. The precious metal recovers amid shifts in geopolitical sentiment, boosting safe-haven demand. Traders will keep an eye on the release of US Initial Jobless Claims, Pending Home Sales data, and the Fedspeak later on Thursday.

Zora launches attention markets on Solana network

Zora has launched a new attention markets feature on the Solana network, allowing users to trade and speculate on emerging online cultural trends.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.