USD/JPY technical analysis: Challenging weekly highs ahead of the Tokyo Consumer Price Index

USD/JPY is challenging the weekly highs ahead of the release of the Tokyo inflation at 23:30 GMT.
The levels to beat for bulls are at the 106.77 and 107.07 resistances.

Flavio Tosti Independent Analyst

USD/JPY daily chart

USD/JPY is trading in the upper half of its weekly range while trading below its main daily simple moving averages (DSMAs). The market is holding above the 106.00 handle as the bear trend is currently on hold.

USD/JPY 4-hour chart

USD/JPY is challenging the 106.55 resistance. Bulls would need a daily close above 106.77 resistance to drive the market towards 107.07, 107.22 and 107.77 resistance levels, according to the Technical Confluences Indicator.

USD/JPY 30-minute chart

Dollar/Yen is trading above its main SMAs, suggesting bullish momentum in the near term. Immediate support is seen at 106.30, 105.12 and 105.90 according to the Technical Confluences Indicator. The Tokyo Consumer Price Index at 23:30 GMT can lead to high volatility in JPY-related pairs.

Additional key levels

USD/JPY

Overview
Today last price	106.5
Today Daily Change	0.38
Today Daily Change %	0.36
Today daily open	106.12

Trends
Daily SMA20	106.21
Daily SMA50	107.33
Daily SMA100	108.71
Daily SMA200	109.8

Levels
Previous Daily High	106.23
Previous Daily Low	105.65
Previous Weekly High	106.74
Previous Weekly Low	105.26
Previous Monthly High	109.01
Previous Monthly Low	107.21
Daily Fibonacci 38.2%	106.01
Daily Fibonacci 61.8%	105.87
Daily Pivot Point S1	105.77
Daily Pivot Point S2	105.42
Daily Pivot Point S3	105.2
Daily Pivot Point R1	106.35
Daily Pivot Point R2	106.58
Daily Pivot Point R3	106.93

Author

Flavio Tosti

Independent Analyst

EUR/USD remains offered below 1.1800, looks at US data

EUR/USD is still trading on the defensive in the latter part of Thursday’s session, while the US Dollar maintains its bid bias as investors now gear up for Friday’s key release of the PCE data, advanced Q4 GDP prints and flash PMIs.

GBP/USD bounces off monthly lows near 1.3430

GBP/USD is sliding in tandem with its risk-sensitive peers, drifting back towards the 1.3430 area, its lowest levels in the month. The move reflects a firmer Greenback, supported by another round of solid US data and a somewhat divided FOMC Minutes.

Gold surrenders some gains, back below $5,000

Gold is giving away part of its earlier gains on Thursday, receding to the sub-$5,000 region per troy ounce. The precious metal is finding support from renewed geopolitical tensions in the Middle East and declining US Treasury yields across the curve in a context of further advance in the Greenback.

XRP edges lower as SG-FORGE integrates EUR stablecoin on XRP Ledger

Ripple’s (XRP) outlook remains weak, as headwinds spark declines toward the $1.40 psychological support at the time of writing on Thursday.

Hawkish Fed minutes and a market finding its footing

It was green across the board for US Stock market indexes at the close on Wednesday, with most S&P 500 names ending higher, adding 38 points (0.6%) to 6,881 overall. At the GICS sector level, energy led gains, followed by technology and consumer discretionary, while utilities and real estate posted the largest losses.

Injective token surges over 13% following the approval of the mainnet upgrade proposal

Injective price rallies over 13% on Thursday after the network confirmed the approval of its IIP-619 proposal. The green light for the mainnet upgrade has boosted traders’ sentiment, as the upgrade aims to scale Injective’s real-time Ethereum Virtual Machine architecture and enhance its capabilities to support next-generation payments.