The USD has erased all of this week losses against most of its rivals, and even advanced to fresh weekly highs. But the USD/JPY pair is a big exception, barely able to recover the 120.00 level this Thursday.
The pair was flirting with the 125.00 level a couple of weeks ago, but failure to overcome the figure put traders into selling mode, which was exacerbated during the last "black Monday" with the pair falling down to 116.31, almost 900 points down in less than 2 weeks.
The upcoming US GDP release can be a make it or break it for the pair that remains capped by the 50% retracement of the last two weeks decline. Having set a daily high of 120.56, an acceleration through the level should lead to an upward continuation towards 121.30, the 61.8% retracement of the same rally. Below 119.80 on the other hand, the pair can slip down to the 119.20/30 region, the 38.2% retracement of the same rally.
Recommended Content
Editors’ Picks
EUR/USD declines below 1.0700 as USD recovery continues
EUR/USD lost its traction and declined below 1.0700 after spending the first half of the day in a tight channel. The US Dollar extends its recovery following the strong Unit Labor Costs data and weighs on the pair ahead of Friday's jobs report.
GBP/USD struggles to hold above 1.2500
GBP/USD turned south and dropped below 1.2500 in the American session on Thursday. The US Dollar continues to push higher following the Fed-inspired decline on Wednesday and doesn't allow the pair to regain its traction.
Gold stuck around $2,300 as market players lack directional conviction
Gold extended its daily slide and dropped below $2,290 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield erased its daily losses after US data, causing XAU/USD to stretch lower ahead of Friday's US jobs data.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
Happy Apple day
Apple is due to report Q1 results today after the bell. Expectations are soft given that Apple’s Chinese business got a major hit in Q1 as competitors increased their market share against the giant Apple.