EUR/JPY Price Analysis: Extra gains could see 130.00 retested

EUR/JPY’s weekly recovery regains the 129.00 yardstick on Wednesday.
Immediately to the upside emerges the YTD high near 130.00.

Pablo Piovano FXStreet

EUR/JPY adds to the recent recovery and briefly tested weekly highs in the mid-129.00s, just to shed some ground afterwards.

If bulls remain in control, then the next target will emerge at the 2021 highs just below 130.00 (February 25). Further north of this area comes in 130.14 (November 7 2018) ahead of the summer 2018 high at 131.98 (July 17).

Reinforcing the idea of extra gains, EUR/JPY keeps trading above the immediate support line (off November 19 2020 low) near 126.90, where also converges the 50-day SMA.

Looking at the broader picture, while above the 200-day SMA at 124.41 the outlook for the cross should remain constructive.

EUR/JPY daily chart

EUR/JPY

Overview
Today last price	129.07
Today Daily Change	55
Today Daily Change %	0.02
Today daily open	129.05

Trends
Daily SMA20	127.66
Daily SMA50	126.87
Daily SMA100	125.63
Daily SMA200	124.47

Levels
Previous Daily High	129.08
Previous Daily Low	128.18
Previous Weekly High	129.98
Previous Weekly Low	127.5
Previous Monthly High	129.98
Previous Monthly Low	126.1
Daily Fibonacci 38.2%	128.74
Daily Fibonacci 61.8%	128.53
Daily Pivot Point S1	128.46
Daily Pivot Point S2	127.88
Daily Pivot Point S3	127.57
Daily Pivot Point R1	129.36
Daily Pivot Point R2	129.66
Daily Pivot Point R3	130.25

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 keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold sticks to a negative bias below $5,000; lacks bearish conviction

Gold remains depressed for the second consecutive day and trades below the $5,000 psychological mark during the Asian session on Tuesday, as a positive risk tone is seen undermining safe-haven assets. Meanwhile, bets for more interest rate cuts by the Fed keep a lid on the recent US Dollar bounce and act as a tailwind for the non-yielding bullion, warranting caution for bearish traders ahead of FOMC minutes on Wednesday.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

US CPI is cooling but what about inflation?

The January CPI data give the impression that the Federal Reserve is finally winning the war against inflation. Not only was the data cooler than expected, but it’s also beginning to edge close to the mystical 2 percent target. CBS News called it “the best inflation news we've had in months.”

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.