EUR/JPY struggles for direction around 121.00

EUR/JPY alternates gains with losses below the 121.00 mark.
The yen regains some buying interest and weighs on the cross.
Better-than-expected PMIs in the core Euroland lends support to EUR.

Pablo Piovano FXStreet

After climbing to fresh 4-week highs near 121.50 on Thursday, EUR/JPY met some selling pressure and it has now receded to the 121.00 area amidst exchanged risk-appetite trends.

EUR/JPY focused on China, data

Auspicious results from the preliminary readings of the manufacturing PMIs in the core euro area for the current month have given much-needed oxygen to the single currency and boosted the cross to levels just above 121.00 the figure during early trade.

However, unabated concerns around the Chinese COVID-19 have spurred the demand for the safe-haven universe and at the same time mitigated the recent selling pressure in the Japanese currency, limiting the upside in the cross somehow.

In the docket, and other than European PMIs, Markit will publish its advanced gauges in the US economy for the month of February later in the session seconded by Existing Home Sales and several speeches from FOMC members.

EUR/JPY relevant levels

At the moment the cross is gaining 0.05% at 120.95 and faces the next barrier at 121.39 (weekly high Feb.20) followed by 122.65 (monthly high Dec.13) and then 122.87 (2020 high Jan.16). On the other hand, a drop below 118.46 (2020 low Feb.18) would expose 117.07 (monthly low Oct.7 2019) and finally 115.86 (2019 low Sep.3).

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 flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.