USD/JPY
The dollar bulls may be struggling for traction in their attempted recovery, but they are hanging in there. Friday’s positive candle could not be translated into the new week as the market formed an almost doji candle (denoting uncertainty) yesterday. The fact that this came once more around the resistance of the 106.00/106.60 overhead supply makes it even more uncertain. That is now five sessions since the rally from 104.17 where the market has tested above 106.00 but failed to generate a closing breach. We continue to favour another failure in the 106.00/106.00 band. Once more this morning we see the dollar bulls trying to get something going, with a tick above 106.00. There is a slight improvement coming through on momentum indicators now, with the bulls encouraged by the MACD lines crossing higher. However, the daily RSI and Stochastics are now into an area where previous rallies have failed. The bulls would need to realistically pull above 107.50 to suggest there is sustainable traction to a recovery. This still has the look of a market unwinding into resistance and building for the next lower high. The reaction to support at 105.30 will be key to this, as a break back below would see the recovery rolling over once more.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
EUR/USD drops below 1.0800 after German Retail Sales data
EUR/USD has come under fresh selling pressure and trades below 1.0800 after the data from Germany showed that Retail Sales declined by 1.9% MoM in February. Resurgent US Dollar demand is adding to the downside in the pair. US data are next in focus.
GBP/USD stays weak near 1.2600 amid market caution
GBP/USD remains defensive near 1.2600 in European trading on Thursday. The hawkish tone from Fed Governor Christopher Waller keeps the US Dollar afloat amid a cautious trading environment ahead of key US data releases and the Good Friday trading lull.
Gold price bulls keenly await US PCE Price Index on Friday before placing fresh bets
Gold price (XAU/USD) continues with its struggle to make it through the $2,200 mark on Thursday and oscillates in a narrow trading band through the early part of the European session.
XRP price falls to $0.60 support as Ripple ruling doesn’t help Coinbase lawsuit against SEC
XRP programmatic sales ruling by Judge Torres was completely rejected by another US Court that ruled in favor of the SEC in a lawsuit against Coinbase.
The other terminal rate: How far will policy rates be cut?
Recent communication by the Federal Reserve and the ECB has made it clear that the first cut in official interest rates is coming. Both central banks are saying the same but the ECB communication is more opaque than that of the Fed.