USD/JPY
The pair accelerated lower in Asia on Friday and extend weakness in early European trading, registering drop of 0.6% and marking yen as top gainer of the session.
Fresh weakness generated negative signal on break of the floor of two-week congestion (106.65) and Fibo support at 106.44 (50% retracement of larger 101.18/111.71 ascend). Bears focus key supports at 106.07 (23 June low) and 105.98 (6 June low) break of which could spark stronger bearish acceleration and expose key Fibo support at 105.20 (61.8% of 101.18/111.71).
Daily studies are in firm bearish setup and support the action, however, bears may hesitate to break lower on first attempt and consolidate before resuming lower.
Fresh strength of safe-haven Japanese yen was sparked by China's countermeasures that deepened political tensions between two countries, while dollar remains under strong pressure on rising new Covid-19 cases and strengthening Euro on improved sentiment in the Eurozone after leaders agreed on massive stimulus package.
Res: 106.65; 106.88; 107.00; 107.20
Sup: 106.07; 105.98; 105.50; 105.20
Interested in USD/JPY technicals? Check out the key levels
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.
Recommended Content
Editors’ Picks
EUR/USD regains traction, recovers above 1.0700
EUR/USD regained its traction and turned positive on the day above 1.0700 in the American session. The US Dollar struggles to preserve its strength after the data from the US showed that the economy grew at a softer pace than expected in Q1.
GBP/USD returns to 1.2500 area in volatile session
GBP/USD reversed its direction and recovered to 1.2500 after falling to the 1.2450 area earlier in the day. Although markets remain risk-averse, the US Dollar struggles to find demand following the disappointing GDP data.
Gold climbs above $2,340 following earlier drop
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
XRP extends its decline, crypto experts comment on Ripple stablecoin and benefits for XRP Ledger
Ripple extends decline to $0.52 on Thursday, wipes out weekly gains. Crypto expert asks Ripple CTO how the stablecoin will benefit the XRP Ledger and native token XRP.
After the US close, it’s the Tokyo CPI
After the US close, it’s the Tokyo CPI, a reliable indicator of the national number and then the BoJ policy announcement. Tokyo CPI ex food and energy in Japan was a rise to 2.90% in March from 2.50%.