USD/JPY could have carved a short-term low – UOB

Pablo Piovano FXStreet

In light of the recent price action, USD/JPY could have bottomed out near the 110.00 handle, suggested FX Strategists at UOB Group.

Key Quotes

“The major 110.00 support continues to hold as USD rebounded strongly from a low of 110.15. Further extension towards 111.50 seems likely but this is a strong resistance and a sustained break above this level seems unlikely for now. Support is at 110.75 followed by 110.40”.

“The key 110.00 support continues to hold as USD rebounded strongly from a low of 110.15. The recent downward pressure has eased but USD has to move above 111.50 to indicate that a short-term low is in place. In other words, it is too early to expect a sustained recovery even though on the converse, the odds for a break below 110.00 have diminished considerably”.

1. R3 112.55
2. R2 111.88
3. R1 111.51
PP 110.84
1. S1 110.47
2. S2 109.80
3. S3 109.43

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 holds steady above 1.1850 as markets eye Eurozone GDP, US CPI inflation releases

The EUR/USD pair trades on a flat note near 1.1870 during the early Asian session on Friday. The major pair steadies amid mixed signals from the latest release of US economic indicators. Traders await the preliminary reading of the Eurozone Gross Domestic Product for the fourth quarter and US inflation data, which are published later on Friday.

GBP/USD consolidates around 1.3600 vs. USD; looks to US CPI for fresh impetus

The GBP/USD pair remains on the defensive through the Asian session on Friday, though it lacks bearish conviction and holds above the 1.3600 mark as traders await the release of the US consumer inflation figures before placing directional bets.

Gold: Will US CPI data trigger a range breakout?

Gold retakes $5,000 early Friday amid a turnaround from weekly lows as US CPI data loom. The US Dollar consolidates weekly losses as AI concerns-driven risk-off mood stalls downside. Technically, Gold appears primed for a big range breakout, with risks skewed toward a bullish break.

Bitcoin, Ethereum and Ripple stay weak as bearish momentum persists

Bitcoin, Ethereum and Ripple remain under pressure, extending losses of over 5%, 6% and 4%, respectively, so far this week. BTC trades below $67,000 while ETH and XRP correct after facing rejection around key levels. With bearish momentum persisting and prices staying weak, the top three cryptocurrencies continue to show no clear signs of a sustained recovery.

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.

Aster Price Forecast: Demand sparks on Binance Wallet partnership for on-chain perpetuals

Aster is up roughly 9% so far on Thursday, hinting at the breakout of a crucial resistance level. Aster partners up with Binance wallet for the second season of the on-chain perpetuals challenge.