USD/JPY
Bears are taking a breather on Friday but remain firmly in play following bearish signal generated on repeated close below pivotal Fibo support at 108.99 (23.6% of 102.59/110.96 / 200WMA).
The pair is also on track for the second consecutive strong bearish weekly close that adds to negative signals.
Bears eye immediate support at 108.40 (Mar 23 trough), violation of which would expose key levels at 108.76/68 (Fibo 38.2% of 102.59/110.96 / 55DMA) with break here to open way for deeper pullback.
Bearish daily techs support scenario with upticks into 109.30 zone (converging 10/30 DMA’s, on track to form bear-cross) to offer better selling opportunities.
Res: 108.99; 109.30; 109.53; 109.95.
Sup: 108.61; 108.40; 107.76; 107.14.
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 nears 1.0800 on broad US Dollar weakness
Optimism continues to undermine demand for the American currency ahead of the weekly close. EUR/USD hovers around weekly highs just ahead of the 1.0900 figure.
GBP/USD reconquers 1.2500 with upbeat UK GDP
Following BOE-inspired slump on Thursday, the British Pound changed course and trades around 1.2530. Better-than-anticipated UK GDP and a weaker USD behind the advance.
Gold resumes advance and trades above $2,370
XAU/USD accelerated its recovery on Friday, as investors drop the USD. Dismal US employment-related figures revived hopes for a soon-to-come rate cut from the Fed.
XRP tests support at $0.50 as Ripple joins alliance to work on blockchain recovery
XRP trades around $0.5174 early on Friday, wiping out gains from earlier in the week, as Ripple announced it has joined an alliance to support digital asset recovery alongside Hedera and the Algorand Foundation.
Week ahead – US inflation numbers to shake Fed rate cut bets
Fed rate-cut speculators rest hopes on US inflation data. After dovish BoE, pound traders turn to UK job numbers. Will a strong labor market convince the RBA to hike? More Chinese data on tap amid signs of slow Q2 start.