USD/JPY technical analysis: Bulls challenge 100-period EMA pivotal point

The USD/JPY pair regained positive traction on Wednesday - marking the fourth day of an uptick in the previous five - and recovered a major part of the overnight modest pullback.
The intraday up-move is now testing a key resistance marked by 100-period EMA on the 4-hourly chart, which if cleared might be seen as a key trigger for short-term bullish traders.

Haresh Menghani FXStreet

Meanwhile, technical indicators on the daily chart have been recovering from the negative territory and maintained their bullish bias on hourly charts, supporting prospects for an extension of the recovery move from multi-month lows set last week.

A sustained breakthrough the mentioned barrier will reinforce the bullish bias and set the stage for a move beyond the 107.00 handle towards testing the 107.20 region - a resistance marked by 50% Fibo. level of the 109.32-105.05 recent downfall.

The momentum could further get extended towards mid-107.000s en-route 61.8% Fibo. level - around the 107.70-75 region - which if cleared might negate any near-term bearish bias and lift the pair further towards the 108.00 round figure mark ahead of the 108.45-50 supply zone.

On the flip side, the 106.20 horizontal zone now seems to have emerged as an immediate strong support, below which the pair might turn vulnerable to head back towards challenging the 105.00 round figure mark with some intermediate support near the 105.65 region.

USD/JPY 4-hourly chart

USD/JPY

Overview
Today last price	106.56
Today Daily Change	0.33
Today Daily Change %	0.31
Today daily open	106.23

Trends
Daily SMA20	106.97
Daily SMA50	107.61
Daily SMA100	109.03
Daily SMA200	110.01

Levels
Previous Daily High	106.69
Previous Daily Low	106.16
Previous Weekly High	106.98
Previous Weekly Low	105.05
Previous Monthly High	109.01
Previous Monthly Low	107.21
Daily Fibonacci 38.2%	106.37
Daily Fibonacci 61.8%	106.49
Daily Pivot Point S1	106.03
Daily Pivot Point S2	105.83
Daily Pivot Point S3	105.5
Daily Pivot Point R1	106.56
Daily Pivot Point R2	106.89
Daily Pivot Point R3	107.09

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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 holds above $5,000 as bears seem hesitant amid Fed rate cut bets

Gold edges lower at the start of a new week, though it defends the $5,000 psychological mark through the Asian session. The underlying bullish sentiment is seen acting as a headwind for the bullion. However, bets for more rate cuts by the Fed, bolstered by Friday's softer US CPI, keep the US Dollar bulls on the defensive and continue to support the non-yielding yellow metal as the focus now shifts to FOMC Minutes on Wednesday.

Week ahead: Data blitz, Fed Minutes and RBNZ decision in the spotlight

The US jobs report for January, which was delayed slightly, didn’t do the dovish Fed bets any favours, as expectations of a soft print did not materialize, confounding the raft of weak job indicators seen in the prior week.

Global inflation watch: Signs of cooling services inflation

Realized inflation landed close to expectations in January, as negative base effects weighed on the annual rates. Remaining sticky inflation is largely explained by services, while tariff-driven goods inflation remains limited even in the US.

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.