USD/JPY
The pair remains in red in early Friday's trading and extends weakness on probe through pivotal supports at 107.95/91 (top of thick rising 4-hr cloud/converged 10/100DMA's). Thursday's bearish close (the first after 10 consecutive days in green) generated negative signal on formation of bearish engulfing pattern. Daily stochastic is heading south after formation of bearish divergence and reverse from overbought territory and fading bullish momentum add to negative signals. Fresh weakness needs break and close below 107.95/91 pivots to signal deeper pullback and expose next significant supports at 107.47 (16 Sep low) and 107.23 (55DMA). Failure to break lower would signal consolidation and keep existing bulls intact for renewed attempt towards upper pivot at 108.42 (50% retracement of 112.40/104.44).
Res: 108.08; 108.25; 108.47; 109.00
Sup: 107.76; 107.47; 107.23; 107.11
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 clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.