USD/JPY Intraday: the bias remains bullish

Swissquote Bank Research Team Swissquote Bank Ltd

EUR/USD

Key resistance at 1.1100

Stay on top of the markets with Swissquote’s News & Analysis

Pivot (invalidation): 1.1100

Our preference
Short positions below 1.1100 with targets at 1.1075 & 1.1065 in extension.

Alternative scenario
Above 1.1100 look for further upside with 1.1115 & 1.1135 as targets.

Comment
As Long as the resistance at 1.1100 is not surpassed, the risk of the break below 1.1075 remains high.

GBP/USD

Key resistance at 1.2145

Pivot (invalidation): 1.2145

Our preference
Short positions below 1.2145 with targets at 1.2120 & 1.2105 in extension.

Alternative scenario
Above 1.2145 look for further upside with 1.2170 & 1.2190 as targets.

Comment
The upward potential is likely to be limited by the resistance at 1.2145.

USD/JPY

The bias remains bullish

Pivot (invalidation): 106.40

Our preference
Long positions above 106.40 with targets at 106.70 & 106.95 in extension.

Alternative scenario
Below 106.40 look for further downside with 106.15 & 105.95 as targets.

Comment
The break above 106.40 is a positive signal that has opened a path to 106.70.

Author

Swissquote Bank Research Team

Swissquote Bank Ltd

EUR/USD stays defensive below 1.1900 as USD recovers

EUR/USD trades in negative territory for the third consecutive day, below 1.1900 in the European session on Thursday. A modest rebound in the US Dollar is weighing on the pair, despite an upbeat market mood. Traders keep an eye on the US weekly Initial Jobless Claims data for further trading impetus.

GBP/USD holds above 1.3600 after UK data dump

\GBP/USD moves little while holding above 1.3600 in the European session on Thursday, following the release of the UK Q4 preliminary GDP, which showed a 0.1% growth against a 0.2% increase expected. The UK industrial sector activity deteriorated in Decembert, keeping the downward pressure intact on the Pound Sterling.

Gold sticks to modest intraday losses as reduced March Fed rate cut bets underpin USD

Gold languishes near the lower end of its daily range heading into the European session on Thursday. The precious metal, however, lacks follow-through selling amid mixed cues and currently trades above the $5,050 level, well within striking distance of a nearly two-week low touched the previous day.

Cardano eyes short-term rebound as derivatives sentiment improves

Cardano (ADA) is trading at $0.257 at the time of writing on Thursday, after slipping more than 4% so far this week. Derivatives sentiment improves as ADA’s funding rates turn positive alongside rising long bets among traders.

The market trades the path not the past

The payroll number did not just beat. It reset the tone. 130,000 vs. 65,000 expected, with a 35,000 whisper. 79 of 80 economists leaning the wrong way. Unemployment and underemployment are edging lower. For all the statistical fog around birth-death adjustments and seasonal quirks, the core message was unmistakable. The labour market is not cracking.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.