EUR/JPY Technical Analysis: Bullish extension could be primed for a downside correction

The EUR/JPY has seen steady lift in July, closing on the green for nine consecutive trading days.
The current intraday action is hesitating near recent peaks, and continued softness will see a bearish correction begin to form up.
The pair's pattern of consecutive lower highs on Daily candles has broken after July saw a break of June's peaks near 130.35.

Joshua Gibson FXStreet

EUR/JPY Chart, 15-Minute

Spot rate:	131.56
Relative change:	-0.01%
High:	131.76
Low:	131.50

Trend:	Flat to bullish
Support 1:	131.06 (current week low)
Support 2:	130.69 (61.8% Fibo retracement level)
Support 3:	129.90 (July 11th swing low)

Resistance 1:	131.76 (current day high)
Resistance 2:	131.97 (current week high)
Resistance 3:	132.42 (March 13th swing high)

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

EUR/USD stays defensive below 1.1900 as USD recovers

EUR/USD trades in negative territory for the third consecutive day, below 1.1900 in the European session on Thursday. A modest rebound in the US Dollar is weighing on the pair, despite an upbeat market mood. Traders keep an eye on the US weekly Initial Jobless Claims data for further trading impetus.

GBP/USD holds above 1.3600 after UK data dump

\GBP/USD moves little while holding above 1.3600 in the European session on Thursday, following the release of the UK Q4 preliminary GDP, which showed a 0.1% growth against a 0.2% increase expected. The UK industrial sector activity deteriorated in Decembert, keeping the downward pressure intact on the Pound Sterling.

Gold sticks to modest intraday losses as reduced March Fed rate cut bets underpin USD

Gold languishes near the lower end of its daily range heading into the European session on Thursday. The precious metal, however, lacks follow-through selling amid mixed cues and currently trades above the $5,050 level, well within striking distance of a nearly two-week low touched the previous day.

Cardano eyes short-term rebound as derivatives sentiment improves

Cardano (ADA) is trading at $0.257 at the time of writing on Thursday, after slipping more than 4% so far this week. Derivatives sentiment improves as ADA’s funding rates turn positive alongside rising long bets among traders.

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.

Sonic Labs’ vertical integration fuels recovery in S token

Sonic, previously Fantom (FTM), is extending its recovery trade at $0.048 at the time of writing, after rebounding by over 12% the previous day. The recovery thesis’ strengths lie in the optimism surrounding Sonic Labs’ Wednesday announcement to shift to a vertically integrated model, aimed at boosting S token utility.