USD/JPY: 1-hour
First up, here’s an update on the USD/JPY descending channel I showed y’all last week. Support at the bottom of the channel near the 121.50 minor psychological level held like a boss and the pair looks ready to make its way back up to the top. Stochastic is already exiting the oversold region, suggesting that dollar bulls might charge and lead to a test of the channel resistance near the 123.50 minor psychological mark. However, the short-term 100 SMA is still moving below the 200 SMA, which means that bearish pressure remains strong. If sellers stay in control, the pair coul resume its drop upon filling the weekend gap near the mid-channel area of interest and 100 SMA resistance.
Recommended Content
Editors’ Picks
USD/JPY crashes nearly 450 pips to 155.50 on likely Japanese intervention
Having briefly recaptured 160.00, USD/JPY came under intense selling to test 155.00 on what seems like a Japanese FX intervention underway. The Yen tumbled in early trades amid news that Japan's PM lost 3 key seats in the by-election. Holiday-thinned trading exaggerates the USD/JPY price action.
AUD/USD rallies toward 0.6600 on risk flows, hawkish RBA expectations
AUD/USD extends gains toward 0.6600 in the Asian session on Monday. The Aussie pair is underpinned by increased bets of an RBA rate hike at its May policy meeting after the previous week's hot Australian CPI data. Risk flows also power the pair's upside.
Gold tests critical daily support line, will it defend?
Gold price is seeing a negative start to a new week on Monday, having booked a weekly loss. Gold price bears the brunt of resurgent US Dollar (USD) demand and a risk-on market mood amid Japanese holiday-thinned market conditions.
Ethereum fees drops to lowest level since October, ETH sustains above $3,200
Ethereum’s high transaction fees has been a sticky issue for the blockchain in the past. This led to Layer 2 chains and scaling solutions developing alternatives for users looking to transact at a lower cost.
Week ahead: Hawkish risk as Fed and NFP on tap, Eurozone data eyed too
Fed meets on Wednesday as US inflation stays elevated. Will Friday’s jobs report bring relief or more angst for the markets? Eurozone flash GDP and CPI numbers in focus for the Euro.