EUR/JPY Technical Analysis: Challenging top edge of the falling channel

The EUR/JPY pair is struggling to break above the top end of the falling channel of 129.84, having charted a doji candle yesterday, which indicates indecision in the marketplace.
A convincing break above 129.84 would validate yesterday's doji candle and confirm a falling channel breakout. If confirmed, it would mean that pullback from the recent high of 113.13 has ended and could yield a sustained move above 130.50 (Oct. 10 high).
On the downside, a close below yesterday's doji candle's low of 129.13 would signal a revival of the sell-off from the recent high of 113.13 and would open up downside toward 128.14 (falling channel support).

Omkar Godbole FXStreet Contributor

4-hour Chart

Spot Rate: 129.64

Daily High: 129.83

Daily Low: 129.40

Trend: Bullish above 129.84

Resistance

129.84 (falling channel resistance)

130.50 (Oct. 10 high)

131.00 (psychological level)

Support

S1: 129.40 (session low)

S2: 129.13 (previous day's low)

S3: 128.14 (falling channel support)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD treads water above 1.1850 amid thin trading

EUR/USD stays defensive but holds 1.1850 amid quiet markets in the European hours on Monday. The US Dollar is struggling for direction due to thin liquidity conditions as US markets are closed in observance of Presidents' Day.

GBP/USD flat lines as traders await key UK and US macro data

GBP/USD kicks off a new week on a subdued note and oscillates in a narrow range near 1.365 in Monday's European trading. The mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important releases from the UK and the US.

Gold sticks to intraday losses; lacks follow-through

Gold remains depressed through the early European session on Monday, though it has managed to rebound from the daily trough and currently trades around the $5,000 psychological mark. Moreover, a combination of supporting factors warrants some caution for aggressive bearish traders, and before positioning for deeper losses.

Bitcoin, Ethereum and Ripple consolidate within key ranges as selling pressure eases

Bitcoin and Ethereum prices have been trading sideways within key ranges following the massive correction. Meanwhile, XRP recovers slightly, breaking above the key resistance zone. The top three cryptocurrencies hint at a potential short-term recovery, with momentum indicators showing fading bearish signs.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

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.