USD/JPY technical analysis: Greenback rebounds and hits 3-day high near 107.75

USD/JPY is having a bonce above the 107.00 handle.
The level to beat for bulls is at 107.45.

Flavio Tosti Independent Analyst

USD/JPY daily chart

USD/JPY is in a bear trend below its main daily simple moving averages (DSMAs). The 50 DSMA crossed below the 100 DSMA which is seen as a bearish clue.

USD/JPY 4-hour chart

USD/JPY is trading below its main SMAs suggesting bearish momentum in the medium term. Support is at 107.50, 107.10 and 106.70 according to the Technical Confluences Indicator.

USD/JPY 30-minute chart

USD/JPY is trading above the 107.50 mark and its main SMAs suggesting bullish momentum in the near term. A break above 107.75 could open the gates to 108.10 resistance according to the Technical Confluences Indicator.

Additional key levels

USD/JPY

Overview
Today last price	107.62
Today Daily Change	0.44
Today Daily Change %	0.41
Today daily open	107.18

Trends
Daily SMA20	108.27
Daily SMA50	109.71
Daily SMA100	110.38
Daily SMA200	111.1

Levels
Previous Daily High	107.41
Previous Daily Low	106.78
Previous Weekly High	108.73
Previous Weekly Low	107.04
Previous Monthly High	111.71
Previous Monthly Low	108.23
Daily Fibonacci 38.2%	107.02
Daily Fibonacci 61.8%	107.17
Daily Pivot Point S1	106.84
Daily Pivot Point S2	106.49
Daily Pivot Point S3	106.2
Daily Pivot Point R1	107.47
Daily Pivot Point R2	107.76
Daily Pivot Point R3	108.11

Author

Flavio Tosti

Independent Analyst

EUR/USD accelerates losses, focus is on 1.1800

EUR/USD’s selling pressure is gathering pace now, opening the door to a potential test of the key 1.1800 region sooner rather than later. The pair’s pullback comes on the back of marked gains in the US Dollar following US data releases and the publication of the FOMC Minutes later in the day.

GBP/USD turns negative near 1.3540

GBP/USD reverses its initial upside momentum and is now adding to previous declines, revisiting at the same time the 1.3540 region on Wednesday. Cable’s downtick comes on the back of decent gains in the Greenback and easing UK inflation figures, which seem to have reinforced the case for a BoE rate cut in March.

Gold picks pace, flirts with $5,000

Gold is back on the front foot on Wednesday, shaking off part of the early week softness and pushing higher towards the key $5,000 mark per troy ounce. The move comes ahead of the FOMC Minutes and is unfolding despite an intense rebound in the US Dollar.

Fed Minutes to shed light on January hold decision amid hawkish rate outlook

The Minutes of the Fed’s January 27-28 monetary policy meeting will be published today. Details of discussions on the decision to leave the policy rate unchanged will be scrutinized by investors.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.