USD/JPY Forecast: The USD/JPY pair corrected higher

Valeria Bednarik FXStreet

USD/JPY Current price: 100.77

View Live Chart for the USD/JPY

The USD/JPY pair corrected higher, reaching a daily high of 101.24 during the past Asian session, although the yen slowly recovered, holding now not far from the critical Fibonacci support around 100.65. Ahead of the release of US data, the pair retains the bearish tone, with the latest upward move understood as corrective. Technically, the 1 hour chart shows that the 100 SMA maintains a strong bearish slope above the current level, now capping the upside around the mentioned daily high, while indicators are heading south, now around their mid-lines. In the 4 hours chart, the Momentum indicator heads sharply lower within negative territory while the RSI indicator holds around 42 and the price well below their mid-lines, also supporting a retest of the 100.00 region, particularly if US macroeconomic figures disappoint.

Support levels: 100.65 100.35 100.00

Resistance levels: 101.10 101.60 102.00

Author

Valeria Bednarik

FXStreet

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.

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.