Patterns: GBP/JPY, AUD/JPY

Dukascopy Bank Team Dukascopy Bank SA

GBP/JPY 4H Chart: Faces support cluster at 142.76

The British Pound has edged higher by about 2.81% in values against the Japanese Yen during the last week. The currency pair reached January 25 high levels at 145.00 during the early hours of today's session.

As for the near future, the currency exchange rate is likely to continue moving in an ascending channel pattern until it reaches the upper boundary at the 147.49 region.

Though, it is expected that the GBP/JPY currency pair makes a brief pullback towards a support cluster formed by the 50– and 100-hour SMAs at 142.76 during the following trading sessions.

AUD/JPY 4H Chart: Moving towards target at 78.07

The Australian Dollar has been appreciating in an ascending channel pattern against the Japanese Yen since the beginning of 2019. The currency pair gained about 2.20% in values during the past week.

Today's trading session began with a bearish sentiment. A breakout occurred through the lower boundary of the channel pattern at 78.73 at the end of the Asian session on Thursday.

Given that a breakout had occurred, it is likely that the AUD/JPY exchange rate edges lower towards a support level at 78.07.

Although, the 200-hour SMA at 78.40 could provide support for the pair within this session.

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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.