USD/JPY Technical Analysis: Bulls showing some resilience below mid-112.00s

Haresh Menghani FXStreet

• The pair struggled to build on the FOMC minutes-led strong up-move to one-week tops and remained under some selling pressure through the mid-European session.

• The downtick, however, lacked any follow-through below a confluence region, comprising of 200-hour SMA and 23.6% Fibo. level of this week's up-move from the 111.65-60 region.

• Meanwhile, technical indicators on hourly/daily charts haven't been supportive of any firm intraday directional bias, though resilience below mid-112.00s supports prospects for additional gains.

• Moreover, the fact that the pair is holding comfortably above other two important intraday moving averages - 50 & 100-hour SMAs, further add credence to the near-term bullish outlook.

• Alternatively, a convincing break through the mentioned support and 50-hour SMA might negate the construction set-up and prompt some aggressive long-unwinding trade.

USD/JPY 1-hourly chart

USD/JPY

Overview:
    Last Price: 112.51
    Daily change: -13 pips
    Daily change: -0.115%
    Daily Open: 112.64
Trends:
    Daily SMA20: 113
    Daily SMA50: 111.91
    Daily SMA100: 111.38
    Daily SMA200: 109.82
Levels:
    Daily High: 112.69
    Daily Low: 112
    Weekly High: 113.96
    Weekly Low: 111.83
    Monthly High: 113.71
    Monthly Low: 110.38
    Daily Fibonacci 38.2%: 112.43
    Daily Fibonacci 61.8%: 112.27
    Daily Pivot Point S1: 112.2
    Daily Pivot Point S2: 111.76
    Daily Pivot Point S3: 111.52
    Daily Pivot Point R1: 112.89
    Daily Pivot Point R2: 113.13
    Daily Pivot Point R3: 113.57

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 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.