USD/JPY rallies now look to 112.97 – Commerzbank

Pablo Piovano FXStreet

Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted occasional bullish attempts in spot should need to regain the boundaries of 113.00 the figure.

Key Quotes

“USD/JPY started to erode key support offered by the 111.85/69 late August high, 55 day moving average and trend line support and attention has reverted to cloud support, which lies at 111.47. The market is on the defensive and rallies will need to regain initial resistance at the 55 day ma at 112.97. Above 114.74 would target 118.66, the December 2016 high”.

“Failure at trend line and cloud support (111.69/47) would target the 109.77 200 day ma and August low”.

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 stays depressed near 1.1850 ahead of German ZEW

EUR/USD remains in the red near 1.1850 in the European session on Tuesday. A broad US Dollar bullish consolidation combined with a softer risk tone keep the pair undermined ahead of the German ZEW sentiment survey.

GBP/USD drops below 1.3600 after weak UK jobs report

GBP/USD is seeing a fresh selling wave, giving up the 1.3600 level in Tuesday's European trading. The United Kingdom employment data showed worsening labor market conditions, bolstering bets for a BoE interest rate cut next month. This narrative is weighing heavily on the Pound Sterling.

Gold pares intraday losses; keeps the red above $4,900 amid receding safe-haven demand

Gold (XAU/USD) attracts some follow-through selling for the second straight day and dives to over a one-week low, around the $4,858 area, heading into the European session on Tuesday.

Pi Network rallies ahead of its first anniversary

Pi Network trades above $0.1800 at the time of writing on Tuesday, recording nearly 5% gains so far. On-chain data indicate that large wallet investors, commonly known as whales, have accumulated approximately 4 million PI tokens over the last 24 hours.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

Stellar mixed sentiment caps recovery

Stellar price remains under pressure, trading at $0.170 on Tuesday after failing to close above the key resistance on Sunday. The derivatives metric supports the bearish sentiment, with XLM’s short bets rising among traders and funding rates turning negative.