USD/JPY: Daily
Looks like USD/JPY could be in for a much larger retracement! On its daily forex time frame, the pair is still showing signs of pulling back to the long-term rising trend line. Stochastic has already reached the oversold area but hasn’t quite crossed up yet, indicating that there’s a bit of selling pressure left. Using the handy-dandy Fib tool on the latest swing low and high shows that the 50% to 61.8% Fibonacci retracement level are closest to the trend line, which is also around the 104.50 to 105.00 psychological levels. Waiting for reversal candlesticks on the Fibs and trend line might be a good idea if you’re planning to go long!
Recommended Content
Editors’ Picks
EUR/USD trades above 1.0700 after EU inflation data
EUR/USD regained its traction and climbed above 1.0700 in the European session. Eurostat reported that the annual Core HICP inflation edged lower to 2.7% in April from 2.9% in March. This reading came in above the market expectation of 2.6% and supported the Euro.
GBP/USD recovers to 1.2550 despite US Dollar strength
GBP/USD is recovering losses to trade near 1.2550 in the European session on Tuesday. The pair rebounds despite a cautious risk tone and broad US Dollar strength. The focus now stays on the mid-tier US data amid a data-light UK docket.
Gold price remains depressed near $2,320 amid stronger USD, ahead of US macro data
Gold price (XAU/USD) remains depressed heading into the European session on Tuesday and is currently placed near the lower end of its daily range, just above the $2,320 level.
XRP hovers above $0.51 as Ripple motion to strike new expert materials receives SEC response
Ripple (XRP) trades broadly sideways on Tuesday after closing above $0.51 on Monday as the payment firm’s legal battle against the US Securities and Exchange Commission (SEC) persists.
Mixed earnings for Europe as battle against inflation in UK takes step forward
Corporate updates are dominating this morning after HSBC’s earnings report contained the surprise news that its CEO is stepping down after 5 years in the job. However, HSBC’s share price is rising this morning and is higher by nearly 2%.