The below is the weekly chart of the USDJPY. Two weeks back, the pair looks to have charted a candle that may be a bullish reference candle (blue arrow). Last week’s price action closed above the high of the reference candle, which gives the bullish reference candle scenario weight (green horizontal). The RSI(9) is above 50 and indicative of an underlying bullish momentum. Further bullish action will likely lead to a higher trough followed by a likely peak. As such, we continue to monitor.
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EUR/USD clings to daily gains above 1.0650
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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.
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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.
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Week ahead – US GDP and BoJ decision on top of next week’s agenda
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