|

USD/JPY Forecast: Bullish, but no momentum

USD/JPY Current price: 102.39

View Live Chart for the USD/JPY

USDJPY

Bullish, but no momentum. The USD/JPY pair trades near a fresh 3-week high established this Tuesday at 102.44, as the strong upward tone of worldwide stocks put safe-haven currencies under pressure. Still, the pair lacks upward potential in the short term, as in the 1 hour chart, indicators are mostly flat within positive territory, although the price is far above its 100 and 200 SMAs, indicating that the risk remains towards the upside. In the 4 hours chart, indicators head north within overbought territory, but the price remains below a horizontal 200 SMA, currently around 102.60,  the level to surpass to see the pair advancing further. However, and with the US Payroll report scheduled for this Friday, the pair may enter in a consolidative stage, and wait for the release of the figures before actually  finding some directional momentum.

Support levels: 102.00 101.60 101.25

Resistance levels: 102.60 102.95 103.30

Author

Valeria Bednarik

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

More from Valeria Bednarik
Share:

Editor's Picks

EUR/USD flat lines around 1.1900; looks to US NFP report for fresh directional impetus

The EUR/USD pair is seen oscillating in a narrow trading band around the 1.1900 mark during the Asian session on Wednesday as traders opt to wait for the release of US monthly employment details before placing fresh directional bets.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold awaits US Nonfarm Payrolls data for a sustained upside

Gold remains capped below $5,100 early Wednesday, gathering pace for the US labor data. The US Dollar licks its wounds amid persistent Japanese Yen strength and potential downside risks to the US jobs report. Gold holds above $5,000 amid bullish daily RSI, with eyes on 61.8% Fibo resistance at $5,141.

Ethereum: Whales buy the dip amid rising short bets

Following one of Ethereum's largest weekly drawdowns, whales are slowly returning to action alongside a drop in retail selling pressure. After slightly selling into the decline at the start of the month, whales or wallets with a balance of 10K-100K ETH began buying the dip last Wednesday as prices crashed further. 

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.