USD/JPY: enters US close bid with improved risk on sentiment

Ross J Burland FXStreet

Currently, USD/JPY is trading at 111.81, up 0.46% on the day, having posted a daily high at 111.87 and low at 110.86.

USD/JPY is staying with the bid as we progress towards the close of the US session today. DXY managed a bid up through the 97 handle with a high of 97.41. 10-years were also higher today by 1.24% within a range of 2.2240-2.2887%.

After the announcement of Trump's budget plan, the major Wall Street was risk-on and accelerating on US Treasury's Mnuchin's comments when he said that he hopes to get tax reform completed this year

US President's Budget FY 2018: A new foundation for American greatness

USD/JPY levels

Valeria Bednarik, chief analyst at FXStreet explained that USD/JPY is technically settled midway between the 50% and the 61.8% retracement of the latest bullish run. "Moving averages remain flat, as technical indicators keep lacking directional strength, currently within neutral territory. The risk remains towards the downside, albeit only a downward acceleration through 111.00 will confirm additional declines. The bearish pressure will likely ease on a break above 112.00, but gains are hardly expected to extend beyond 113.00 this week."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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.