USD/JPY: Longs need stops below 108.95

Jason Sen DayTradeIdeas.co.uk

USD/JPY, EUR/JPY, CAD/JPY

USDJPY has bottomed exactly at best support at 109.15/05 & topped exactly at first resistance at 109.60/70 so far this week.

EURJPY hit strong support at 133.10/00 for another buying opportunity this week & bottomed exactly here.

CADJPY bottomed exactly at first support at 9045/35 all this week for a small scalping opportunity. Longs need stops below 9025. A break lower is a sell signal.

Daily analysis

USDJPY best support a little higher at 109.20/10 today. Longs need stops below 108.95. A break lower targets 108.60/50 & 108.35/30.

Longs at 109.20/10 target 109.60/70. A break higher targets 109.90/95 with trend line resistance at 110.30/40.

EURJPY longs at strong support at 133.10/00 work on the bounce as we look for the first target of 133.50/60 today, perhaps as far as 133.80/85. Further gains retest 134.00/10. A break higher in the bull trend targets 134.35/45 then 134.85/95.

Strong support at 133.10/00. Longs need stops below 132.85. A break lower is a sell signal targeting 132.50/40 before 1.5 year trend line support at 132.25/15. Longs need stops below 131.95.

CADJPY longs at first support at 9045/35 worked on the bounce to first resistance at 9070/80 & we topped exactly here. Further gains retest the 7110/20 high. A break higher targets 9140/45.

First support at 9045/35 again today. Longs need stops below 9025. A break lower is a sell signal targeting 2 week lows at 8988/83 & 3 week lows at 8960/55.

Chart

Author

Jason Sen

DayTradeIdeas.co.uk

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.