USD/JPY: Has a chance to rebound further – UOB Group

FXStreet Insights Team FXStreet

US Dollar (USD) could rebound further vs the Japanese Yen (JPY); any advance is unlikely to break above 150.55. In the longer run, momentum has slowed; as long as 151.05 is not breached, there is still a slim chance for USD to drop to 148.63, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

Any advance is unlikely to break above 150.55

24-HOUR VIEW: "USD fell sharply to a low of 148.90 last Friday. Yesterday, we highlighted that 'there is room for USD to retest the 148.90 before stabilisation is likely.' We added, 'the significant support level at 148.63 is unlikely to come into view.' Our expectations were not wrong, as USD dropped to 148.84, rebounding strongly to close higher by 0.28% at 149.71. Today, USD could rebound further, but any advance is unlikely to break above 150.55. The strong resistance at 151.05 is unlikely to come under threat. Support is at 148.50, followed by 149.20."

1-3 WEEKS VIEW: "In our latest narrative from last Friday (21 Feb, spot at 149.60), we indicated that 'while USD is likely to decline further, short-term conditions are deeply oversold, and the significant support at 148.63 may not come into view so soon.' USD fell and eked out a fresh low 148.84 yesterday and then rebounded strongly. Downward momentum has slowed with the rebound, but as long as 151.05 (no change in ‘strong resistance’ level) is not breached, there is still a slim chance for USD to drop to 148.63."

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.