USD/JPY needs to move above 106.45 to reinforce bullish bias

FXStreet Team FXStreet

USD/JPY trades around the 106.00 level, after hitting a daily high of 106.43. Above the latter, the pair would underpin the bias higher, FXStreet’s Chief Analyst Valeria Bednarik reports.

Key quotes

“Japan published the Q2 GDP, which came in at -0.6% QoQ, matching the previous estimate. Also, the July Jibun Bank Manufacturing PMI was out at the beginning of the day, bouncing from 42.6 to 45.2, beating expectations. The US session will bring the final version of the July Markit Manufacturing PMI, seen at 52 from 51.3, and the official ISM Manufacturing PMI, foreseen at 53.6 from 52.6 in the previous month.”

“USD/JPY is offering a moderate bullish bias in the short-term, as the 4-hour chart shows that the intraday rally stalled around a bearish 100 SMA. Nevertheless, the pair is developing above a bullish 20 SMA, while technical indicators have resumed their advances within positive levels.”

“Bulls will be in a better position if the USD/JPY pair manages to break above the 106.45 daily high.”

Author

FXStreet Team

FXStreet

EUR/USD shifts its attention to 1.1900 and above

EUR/USD has shaken off Tuesday’s dip, pushing back beyond the 1.1800 mark amid decent gains as Wednesday’s session draws to a close. The rebound is largely driven by a modest pullback in the US Dollar, as markets digest the aftermath of President Trump’s SOTU speech and continue to monitor trade-related headlines and signals from the White House.

GBP/USD challenges multi-day highs near 1.3530

GBP/USD leaves behind the previous day’s decline and regains fresh upside traction on Wednesday, surpassing the 1.3500 barrier in a context of a modest decline in the Greenback and a generalised improved mood in the risk-linked space. Meanwhile, the US tariff narrative continues to dictate the mood among market participants after Presidet Trump’s SOTU speech failed to surprise markets.

Gold remains bid and close to $5,200

Gold buyers are returning to the fold on Wednesday, targeting the $5,200 area and possibly beyond, after Tuesday’s corrective dip from monthly highs. The rebound in the precious metal comes as the US Dollar loses traction, with Trump’s SOTU speech offering little fresh direction and AI-related nerves continuing to ease.

UK financial watchdog advances stablecoin oversight as four firms pilot issuance

The Financial Conduct Authority (FCA) in the United Kingdom (UK) is advancing toward the final stablecoin regulatory framework with a pilot program involving four companies, including Monee, Financial Technologies ReStabilise, Revolut and VVTX.

Nvidia earnings to influence AI trade and broader market sentiment

For the last three years, Nvidia has been the engine of the AI boom, and now Wall Street is watching to see whether that momentum can keep going. High-growth stocks have been struggling to maintain their bullish trend in 2026.

Cosmos Hub Price Forecast: ATOM rebounds slightly, bearish outlook remains intact

Cosmos Hub (ATOM) price rebounds, trading above $2.05 at the time of writing on Wednesday, after undergoing a sharp correction since last week. Weakening on-chain and derivatives data support a bearish outlook, while technical analysis remains unfavorable.