USD/JPY on a firm note around 107.40/50

The Japanese currency remains on the defensive beyond 107.00.
Higher US 10-year yields appear supportive of the up move.
US Initial Claims, Philly Fed index and Fedspeak next on tap.

Pablo Piovano FXStreet

The continuation of the selling bias around the Japanese currency is helping USD/JPY to keep the positive mood for another session around the 107.40 area.

USD/JPY looks to data

The pair is posting its second consecutive session with gains on Thursday, coming up from weekly lows in the 106.90/85 band seen on Tuesday and with the next target at last week’s tops near 107.80.

The persistent risk on theme continues to rule the sentiment in the global markets as of late, all stemming from alleviated concerns over the US-China trade conflict and shrinking tensions in the Middle East.

Later in the NA session, the usual weekly report on the US labour market is due along with the more relevant manufacturing gauge from the Philly Fed. In addition, FOMC’s (dovish) Governor L.Brainard and Cleveland Fed L.Mester (voter, hawkish) are also due to speak.

USD/JPY levels to consider

As of writing the pair is up 0.16% at 107.40 and a break above 107.78 (high Apr.13) would aim for 107.92 (high Feb.21) and then 110.48 (high Feb.2). On the downside, the immediate support lines up at 106.88 (low Apr.17) followed by 106.61 (low Apr.9) and finally 106.58 (21-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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.