USD/JPY needs to break the 105.60 mark to gain bullish momentum

FXStreet Team FXStreet

The USD/JPY pair is recovering from an intraday low of 104.92, trading around 105.30. USD/JPY has limited bullish potential and needs to advance beyond 105.60 to gain upside traction, Valeria Bednarik, Chief Analyst at FXStreet, reports.

Key quotes

“In the US, the focus will be on the Federal Reserve chief Jerome Powell, who will testify before Congress for the first time in the Biden era. The Semiannual Monetary Policy Report may include hints on the future of QE. Powell’s prepared remarks will be released ahead of his speech.”

“USD/JPY has a limited bullish scope in the near-term. The advance could gather momentum if the pair surpasses the 105.60 level.”

Author

FXStreet Team

FXStreet

EUR/USD stabilizes near 1.1800 as markets focus on geopolitics

EUR/USD stays defensive around 1.1800 in the second half of the day on Thursday. The US Dollar stabilizes, following the recent decline led by tariff uncertainty, capping the pair's upside. All eyes now remain on the US-Iran nuclear talks after ECB President Lagarde's testimony failed to impress Euro bulls.

GBP/USD drops toward 1.3500 as USD finds fresh demand

GBP/USD falls back toward 1.3500 in the European session on Thursday, snapping its recovery momentum. The pair loses traction as the US Dollar finds fresh demand, as markets turn cautious ahead of the US-Iran nuclear talks. The US trade policy uncertainty also remains a drag on risk sentiment.

Gold clings to gains amid sustained safe-haven flows ahead of US-Iran talks

Gold sticks to its modest intraday gains through the first half of the European session on Thursday, with bulls still awaiting a sustained move and acceptance above the $5,200 mark before placing fresh bets.

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.

The one thing everyone is on the lookout for is US action of some sort against Iran

The FX market is minestrone soup these days. It is befuddled by conflicting data, rumors and small stories exaggerated out of proportion, and Trump-generated uncertainty.

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.