USD/JPY in a 5 day downward sloping channel hitting 103.63

Jason Sen DayTradeIdeas.co.uk

USD/JPY – EUR/JPY

USDJPY in a 5 day downward sloping channel hitting 103.63.

EURJPY we wrote: holding below 123.55 targets 123.30. On further losses look for 123.00/122.90. Target hit.

Daily Analysis

USDJPY break below 103.90 was a sell signal targeting 103.75/70, perhaps as far as 103.50/45 today. Further losses retest support at the November low of 103.25/15. Longs need stops below 103.00.

First resistance at 105.05/15. Shorts need stops above 104.25. A break higher targets a selling opportunity at 104.50/60 with stops above 104.75.

EURJPY hits the next target of 123.00/122.90. If we continue lower look for 122.70/60 then 122.10/00.

First resistance at 123.20/30 then a selling opportunity at 123.55/65 with stops above 123.90.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

EUR/USD extends its optimism past 1.1900

EUR/USD retains a firm underlying bid, surpassing the 1.1900 mark as the NA session draws to a close on Monday. The pair’s persistent uptrend comes as the US Dollar remains on the defensive, with traders staying cautious ahead of upcoming US NFP prints and CPI data.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold picks up pace, retargets $5,100

Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.

Litecoin eyes $50 as heavy losses weigh on investors

Following a strong downtrend across the crypto market over the past week, Litecoin holders are under immense pressure. The Bitcoin fork has trimmed about $1.81 billion from its market capitalization since the beginning of the year, sending it below the top 20 cryptos by market cap.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.

Ripple exposed to volatility amid low retail interest, modest fund inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.