USD/JPY still points to further upside – UOB

Pablo Piovano FXStreet

USD/JPY could test the 107.70 area once 107.35 is cleared in the near-term, assessed FX Strategists at UOB Group.

Key Quotes

24-hour view: “Our expectation for USD to ‘trade between 106.50 and 106.95’ was wrong as it rose to a high of 107.15. While the advance appears to be struggling to maintain its momentum, USD could continue to edge higher. That said, the major resistance at 107.35 is likely out of reach. Support is at 106.85 followed by 106.70.”

Next 1-3 weeks: “There is not much to add to update from Tuesday (02 Mar, spot at 106.80). As highlighted, the ‘outlook for USD is still positive’ but ‘lackluster shorter-term momentum suggests a slow pace of advance and 107.35 may not come into the picture so soon’. Looking ahead, a clear break of 107.35 would shift the focus to 107.70. On the downside, a break of 106.40 (‘strong support’ level previously at 106.00) would indicate that the positive phase in USD that started late last week has run its course.”

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.