EUR/JPY keeps the tight range below 121.00

EUR/JPY remains in a consolidative fashion below 121.00.
Pandemic vs. economic recovery keeps ruling the global mood.
Final Services PMIs surprised to the upside in June.

Pablo Piovano FXStreet

The mild bias towards the risk aversion is lending some strength to the Japanese safe haven and keeps the upside in EUR/JPY limited in the 121.00 neighbourhood.

EUR/JPY looks to risk trends, coronavirus

EUR/JPY is down for the second session in a row against the backdrop of the generalized thin trade conditions in the global markets due to the Independence Day holiday in the US.

In the meantime, investors continue to gauge the recent upbeat results in fundamentals on both sides of the Atlantic vs. the unabated advance of the coronavirus pandemic and the reopening on economic across the world. These drivers are expected to remain crucial to the direction of markets’ sentiment in the second half of the year.

In the docket, final June Services PMIs in Euroland came in above the preliminary readings. In spite of the positive results, reaction in the euro remained marginal, if any at all.

EUR/JPY relevant levels

At the moment the cross is losing 0.07% at 120.72 and a drop below 119.62 (200-day SMA) would expose 119.31 (monthly low Jun.22) and then 118.78 (100-day SMA). On the upside, the next barrier lines up at 124.48 (monthly high Jul.1) followed by 122.17 (high Jun.16) and finally 124.43 (2020 high Jun.5).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD faces next resistance near 1.1930

EUR/USD has surrendered its earlier intraday advance on Thursday and is now hovering uncomfortably around the 1.1860 region amid modest gains in the US Dolla. Moving forward, markets are exoected to closely follow Friday’s release of US CPI data.

GBP/USD inching closer to 1.36

The Pound Sterling edged higher to 1.3640 on Thursday, recovering from an earlier pullback after stronger-than-expected US jobs data initially weighed on the pair. The Bank of England held rates at 3.75% at its February 4 meeting in a narrow 5-4 vote split, with four members preferring a 25 basis point cut to 3.50%.

Gold falls to near $4,900 as selling pressure intensifies

Gold price faces some selling pressure around $4,910 during the early Asian session on Friday. The yellow metal tumbles over 3.50% on the day, with algorithmic traders appearing to amplify the precious metal’s sudden drop. Traders will closely monitor the release of the US Consumer Price Index inflation report for January, which will be released later on Friday.

Ethereum investors face huge unrealized losses following price slump

US spot Ethereum exchange-traded funds flipped negative again on Wednesday after recording net outflows of $129.1 million, reversing mild inflows seen at the beginning of the week, per SoSoValue data. Fidelity's FETH was responsible for more than half of withdrawals, posting outflows of $67 million.

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.

Aster Price Forecast: Demand sparks on Binance Wallet partnership for on-chain perpetuals

Aster is up roughly 9% so far on Thursday, hinting at the breakout of a crucial resistance level. Aster partners up with Binance wallet for the second season of the on-chain perpetuals challenge.