USD/JPY technical analysis: 4-day long support-line caps immediate declines

USD/JPY keeps trading above four-day-old trend-line.
4H 100MA, two-week-old resistance-line restrict near-term advances.

Anil Panchal FXStreet

Despite pulling back from 106.50, USD/JPY remains above immediate support-line while trading near 106.35 during early Monday.

While 106.50 acts as immediate upside resistance, buyers will be more concerned about 106.83/85 confluence including two-week long descending trend-line and 100-bar moving average on the four-hour chart (4H 100MA).

In a case prices rally beyond 106.85, 50% Fibonacci retracement of current month declines, at 107.20, can question bulls ahead of pushing them towards 107.60 and 108.00 resistances.

Alternatively, a downside break of 106.25 can quickly fetch the quote to 105.50 whereas 105.00 and January month low near 104.75 will be on sellers’ radar next.

USD/JPY 4-hour chart

Trend: Bullish

1. R3 107.04
2. R2 106.77
3. R1 106.57
PP 106.3
1. S1 106.1
2. S2 105.83
3. S3 105.63

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD softens to near 1.3600 as BoE hints further rate cuts

The GBP/USD pair loses ground to near 1.3610 during the early Asian session on Monday. The Pound Sterling softens against the Greenback amid growing expectations of the Bank of England’s interest-rate cut. Traders will take more cues from the Fedspeak later on Monday.

Gold eyes acceptance above $5,000, kicking off a big week

Gold is consolidating the latest uptick at around the $5,000 mark, with buyers gathering pace for a sustained uptrend as a critical week kicks off. All eyes remain on the delayed Nonfarm Payrolls and Consumer Price Index data from the United States due on Wednesday and Friday, respectively.

Top Crypto Gainers: Aster, Decred, and Kaspa rise as selling pressure wanes

Altcoins such as Aster, Decred, and Kaspa are leading the broader cryptocurrency market recovery over the last 24 hours, as Bitcoin holds above $70,000 on Monday, up from the $60,000 dip on Thursday.

Weekly column: Saturn-Neptune and the end of the Dollar’s 15-year bull cycle

Tariffs are not only inflationary for a nation but also risk undermining the trust and credibility that go hand in hand with the responsibility of being the leading nation in the free world and controlling the world’s reserve currency.

Bitcoin, Ethereum and Ripple consolidate after massive sell-off

Bitcoin, Ethereum, and Ripple prices consolidated on Monday after correcting by nearly 9%, 8%, and 10% in the previous week, respectively. BTC is hovering around $70,000, while ETH and XRP are facing rejection at key levels. Traders should be cautious: despite recent stabilization, upside recovery for these top three cryptocurrencies is capped as the broader trend remains bearish.