AUD/JPY Price Analysis: Bears eye 80.60 downside target

AUD/JPY 15-min double top opens risk of a break below the 50-EMA.
The daily chart's W-formation has a neckline target near to 80.60.

Ross J Burland FXStreet

AUD/JPY is stalling in hourly resistance leaving the focus on the downside for the sessions ahead. The following illustrates the progress the price is making as per the prior analysis, AUD/JPY Price Analysis: H1 bears moving into gear:

AUD/JPY H1 chart

AUD/JPY M15 chart

The bulls will be expecting a phase of distribution which brown down on the 15-min chart, there is the prospect of this retest of prior support failing and resulting in the start of a potential downside continuation. A break of the 50-EMA should be encouraging for the bears following the double top of the correction.

AUD/JPY daily chart

From a daily perspective, the downside is a captivating prospect as well. The W-formation is a high completion price reversion pattern and the price would typically retest the neckline of the formation, which in this case, is located near 80.60.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD holds lower ground near 1.1850 ahead of EU/ US data

EUR/USD remains in the negative territory for the fourth successive session, trading around 1.1850 in European trading on Friday. A broadly cautious market environment paired with modest US Dollar demand undermines the pair ahead of the Eurozone GDP second estimate and the critical US CPI data.

GBP/USD keeps losses around 1.3600, awaits US CPI for fresh impetus

GBP/USD holds moderate losses at around 1.3600 in the European session on Friday, though it lacks bearish conviction. The US Dollar remains supported amid softer risk tone and ahead of the US consumer inflation figures due later in the NA session on Friday.

Gold trims intraday gains to $5,000 as US inflation data loom

Gold retreats from the vicinity of the $5,000 psychological mark, though sticks to its modest intraday gains heading into the European session. Traders now look forward to the release of the US consumer inflation figures for more cues about the Fed policy path. The outlook will play a key role in influencing the near-term US Dollar price dynamics and provide some meaningful impetus to the non-yielding bullion.

US CPI data set to show modest inflation cooling as markets price in a more hawkish Fed

The US Bureau of Labor Statistics will publish January’s Consumer Price Index data on Friday, delayed by the brief and partial United States government shutdown. The report is expected to show that inflationary pressures eased modestly but also remained above the Federal Reserve’s 2% target.

A tale of two labour markets: Headline strength masks underlying weakness

Undoubtedly, yesterday’s delayed US January jobs report delivered a strong headline – one that surpassed most estimates. However, optimism quickly faded amid sobering benchmark revisions.

Solana Price Forecast: Mixed market sentiment caps recovery

Solana (SOL) is trading at $79 as of Friday, following a correction of over 9% so far this week. On-chain and derivatives data indicates mixed sentiment among traders, further limiting the chances of a price recovery.