USD/JPY Price Analysis: Bears are taking control and eye 135 the figure

USD/JPY bulls have thrown in the towel again and the focus is on a test of 135 the figure.
Bears are moving in on the 135.80 psychological support.

Ross J Burland FXStreet

As per the prior multi-timeframe analysis from the Tuesday New York session, USD/JPY Price Analysis: Bears are lurking and a significant correction could be on the cards, a topping formation was highlighted on the 5-min chart:

The price subsequently melted and the bear's committed to the M-formation on the 10-min chart as illustrated in the prior analysis:

If the bears commit at this juncture, then the 36.2% Fibo may be confirmed as a strong enough correction:

The 10-min chart's M-formation's neckline aligns with the Fibo, offering additional conviction to the downside case.

USD/JPY live market update

As illustrated, the price moved in for an accurate test of the target and surged higher from there before melting once again to print fresh lows of 135.68 which leaves lower levels, 135.00/10, as per the original analysis, on the cards for the sessions ahead:

The price is on the path to mitigating the price imbalance as illustrated don the hourly chart above, (PI) and thereafter, the demand area or order block, (OB) could be in the runnings for a test which exposes the risk of a break of the 135 psychological level if bulls do not commit. However, so long as they do, then the upside is still to play for longer-term.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

EUR/USD struggles to build on recent rebound, holds above 1.1550

EUR/USD trades marginally lower on the day but holds above 1.1550 in the American session, following Thursday's rebound. The pair holds near its intraday high as the US Dollar remains pressured by hopes the Middle East conflict will soon come to an end.

GBP/USD hovers around 1.3400 as investors await war clarity

GBP/USD remains near its daily open, not far from 1.3400, in the second half of Friday's session. The US Dollar lost its previous intraday strength and weakens as investors await clarity on the US-Iran war.

Gold stabilizes above $4,200 as wait-and-see continues

After rising more than 3% on Thursday, Gold (XAU/USD) stabilized around the $4,200 mark in the American session on Friday. The US dollar seesaws between gains and losses, but remains within familiar levels as investors remain skeptical yet hopeful about a resolution to the Middle East conflict.

Crypto Today: Bitcoin, Ethereum, XRP recovery slows amid incessant capital outflows

The cryptocurrency remains in a broader corrective bias on Friday, despite majors such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) holding slightly higher than early-week support levels.

SpaceX launches 24% higher at Friday debut

Space Exploration Technologies (SPCX), aka SpaceX, zoomed 24% higher soon after the start of its first IPO trading day on Friday. Shares of the rocket and artificial intelligence (AI) company founded by Elon Musk began trading at about 11:46 am EST and quickly gained speed.

4.2% headline, 0.2% core: Why the Fed's next hike may be targeting the wrong problem

May's CPI put headline inflation at 4.2% on the year, up from 3.8% in April and the hottest reading since April 2023, while core prices rose just 0.2% on the month, undershooting the 0.3% consensus and halving April's pace.