USD/JPY: Near-term uptrend at 104.85 to hold the downside – Commerzbank

FXStreet Team FXStreet

The USD/JPY pair has sold off to the base of the channel at 104.85. This level and the January high of 104.40 are set to hold the downside, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Key quotes

“USD/JPY has recently failed at the 55-week ma at 106.15. In this vicinity is also the top of the short-term channel at 106.45 on Tuesday, and the market has slid back to the base of the channel at 104.85. The January peak lies at 104.40 and these two supports should ideally hold the downside.”

“The January high lies at 104.40 and this guards the 103.33, the 21st January low.”

“In order to adopt a more outright positive stance longer-term, the market will need to regain the 55-week ma and recent high at 106.15/23 on a closing basis. Note above the 55-week ma would target the 200-week ma at 109.06.”

Author

FXStreet Team

FXStreet

EUR/USD faces some resistance near 100-SMA on H4, around 1.1830 zone

The EUR/USD pair gains some follow-through positive traction for the second consecutive day and climbs to the 1.1830 region during the Asian session on Thursday. The US Dollar remains on the back foot amid concerns about the economic fallout from US President Donald Trump's erratic trade policies and acts as a tailwind for spot prices.

GBP/USD extends recovery to near 20-day EMA as US Dollar weakens

The Pound Sterling holds onto weekly gains around 1.3565 against the US Dollar during the Asian trading session on Thursday. The GBP/USD pair trades firmly as the US Dollar remains under pressure due to uncertainty surrounding the United States trade policy outlook.

Gold struggle with $5,200 extends ahead of more US-Iran talks

Gold is replicating the recovery moves seen in Wednesday’s Asian trading early Thursday, as buyers continue to flirt with the $5,200 level. Sustained US Dollar weakness and looming US-Iran talks aid the bright metal’s rebound.

Stellar: Relief bounce fades as bearish undertone persists

Stellar is trading around $0.16 at the time of writing on Thursday after rebounding more than 8% in the previous day. Derivatives data paints a negative picture as XLM’s short bets hit a monthly high while Open Interest continues to decline.

Nvidia delivers another monster earnings report, and forecasts big things to come

It was another monster earnings report from Nvidia for fiscal Q4. Revenues were $68.1bn, smashing estimates of $65bn. Gross profit margin was a healthy 75%, up from 73.5% in the prior quarter, and the outlook for this quarter was monstrous.

Solana strikes key resistance with double-digit gains

Solana trades at $88 at press time on Thursday, after an 11% upswing the previous day within a broader consolidation range of roughly three weeks. Institutional demand for Solana heightens as US spot SOL Exchange Traded Funds record $30 million of inflow on Wednesday.