EUR/JPY upside limited around 121.00 so far

EUR/JPY looks to add to the rally near 121.00.
The cross remains bid amidst a weaker Dollar.
Focus of attention remains on Brexit deal and UK politics.

Pablo Piovano FXStreet

The upbeat momentum in the single currency continues to prop up the rally in EUR/JPY to the 121.00 region, where some decent resistance has emerged so far.

EUR/JPY focused on Brexit, risk appetite

The cross keeps its march north unabated for the second week in a row today, trading in the area of 3-month peaks in the 121.00 neighbourhood.

The positive momentum surrounding the European currency coupled with persistent outflows from the Japanese safe haven in favour of riskier assets have been sustaining the sharp rebound in the cross to levels last seen in late July.

In addition, the recently clinched Brexit deal has added to the broad-based positive momentum in the risk-complex, giving extra support to the upside in the cross.

In the meantime, markets’ attention remains on the EU Summit, which finishes later today and the Brexit vote at the UK Parliament tomorrow.

EUR/JPY relevant levels

At the moment the cross is gaining 0.05% at 120.90 and faces the next hurdle at 121.35 (monthly high Oct.17) seconded by 122.26 (200-day SMA) and then 123.35 (monthly high Jul.1). On the flip side, a breach of 119.79 (100-day SMA) would expose 118.35 (55-day SMA) and finally 117.07 (monthly low Oct.3/7).

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.