USD/JPY consolidative near term – UOB

Pablo Piovano FXStreet

The pair is expected to continue its sideline patter for the time being, according to FX Strategists at UOB Group.

Key Quotes

24-hour view: “The strong 106.60 support was unthreatened as USD rebounded smartly from a low of 106.68. While upward momentum is not that strong, the recovery has scope to extend above last week’s top near 107.50 but a break of the next resistance at 107.90 seems unlikely. Support is at 106.95 followed by the still rather strong level of 106.60”.

Next 1-3 weeks: “There is not much as USD continues to trade in a surprisingly quiet manner (the range since lasts Thursday has been less than 100 pips, between 106.60 and 107.49). We continue to hold a neutral stance but on shorter-term note, the undertone has improved and this could lead to a move above 107.50 but at this stage, any up-move is unlikely to break above the top of our expected 106.20/107.90 consolidation range”.

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 treads water around 1.1900

EUR/USD edges a tad lower around the 1.1900 area, coming under mild pressure despite the US Dollar keeps the offered stance on turnaround Tuesday. On the US data front, December Retail Sales fell short of expectations, while the ADP four week average printed at 6.5K.

GBP/USD looks weak near 1.3670

GBP/USD trades on the back foot around the 1.3670 region on Tuesday. Cable’s modest retracement also comes in tandem with the decent decline in the Greenback. Moving forward, the US NFP and CPI data in combination with key UK releases should kee the quid under scrutiny in the next few days.

Gold the battle of wills continues with bulls not ready to give up

Gold comes under marked selling pressure on Tuesday, giving back part of its recent two day advance and threatening to challenge the key $5,000 mark per troy ounce. The yellow metal’s correction follows a better tone in the risk complex, a lower Greenback and shrinking US Treasuty yields.

AI Crypto Update: BankrCoin, Pippin surge as sector market cap steadies above $12B

The Artificial Intelligence (AI) segment is largely on the back foot with major coins such as Bittensor (TAO) and Internet Computer (ICP) extending losses amid a sticky risk-off sentiment.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.