USD/JPY outlook remains negative – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group suggested the pair should need to overcome the 105.70 level in order to mitigate downside pressure.

Key Quotes

“We have been holding the same view since Monday (19 Mar, spot at 105.90) that “a retest of 105.25 seems likely”. USD touched a low of 105.23 in NY yesterday but fear of a trade war sent it plummeting to a low 104.66 early this morning”.

“The rapid drop appears to be running ahead of itself and we are not convinced that the current month-long neutral phase has shifted to bearish”.

“That said, the immediate outlook is clearly ‘negative’ and it is premature to expect a sustained recovery. Only a move back above 105.70 would indicate that the current downward pressure has eased. Until then, USD could continue to probe lower towards the next support at 104.00 but the prospect for a sustained move below this level is not high at this stage”.

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 looks offered below 1.1900

EUR/USD keeps its bearish tone unchanged ahead of the opening bell in Asia, returning to the sub-1.1900 region following a firmer tone in the US Dollar. Indeed, the pair reverses two consecutive daily gains amid steady caution ahead of Wednesday’s key US Nonfarm Payrolls release.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold the battle of wills continues with bulls not ready to give up

Gold remains on the defensive and approaches the key $5,000 region per troy ounce on Tuesday, giving back part of its recent two day. The precious metal’s pullback unfolds against a firmer tone in the US Dollar, declining US Treasury yields and steady caution ahead of upcoming key US data releases.

Bitcoin's downtrend caused by ETF redemptions and AI rotation: Wintermute

Bitcoin's (BTC) fall from grace since the October 10 leverage flush has been spearheaded by sustained ETF outflows and a rotation into the AI narrative, according to Wintermute.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.