USD/JPY Technical Analysis: 15-min chart shows a bear flag breakdown, BOJ keeps bond purchase size unchanged

The previous 15-minute candle of the USD/JPY closed at 113.85, confirming a downside break of the bear flag - a bearish continuation pattern - meaning the sell-off from the previous day's high of 114.55 has resumed and the pair could drop to 113.00 (target as per the measured move method).
The bearish breakdown has happened after the news hit the wires that the Bank of Japan has kept the size of the ultra-long bond purchases unchanged from the previous operations, signaling growing tolerance for higher yields.
The sell-off, as called by the bear flag breakdown, could gather pace if the EM currencies continue to slide, worsening the risk aversion in the global equity markets.

Omkar Godbole FXStreet Contributor

15-minute chart

Spot Rate: 113.88

Daily High: 114.10

Daily Low: 113.84

Trend: Bearish

Resistance

R1: 114.06 (Oct. 1 high)

R2: 114.55 (previous day's high)

R3: 114.74 (November 2017 high)

Support

S1: 113.53 (10-day exponential moving average)

S2: 113.00 (psychological support)

S3: 112.73 (38.2% Fib R of 109.77/114.55)

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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.