USD/JPY Technical Analysis: Immediate ascending triangle confines the pair moves between 110.95 and 110.50

The Japanese Yen (JPY) trade near 110.80 against the USD during early Thursday.
The pair moves have been challenged by the short-term ascending triangle present between 110.95 resistance and 110.50 support.
Should the pair rallies beyond 110.95 resistance-line connecting present week high to the late February 14 lows, 111.15 and 111.45-50 could quickly appear on the chart.
In a case prices rally beyond 111.50, 112.10 and 112.60 might please the buyers ahead of challenging them with 113.10 and 113.70 resistances.
On the contrary, a downside break of 110.50 highlights the importance of 110.00 whereas 109.50 could entertain sellers then after.
However, an upward sloping support-line joining January 10 and 31 low, at 109.10, may limit the pair’s declines past-109.50.
Given the bears’ rule trade sentiment under 109.10, 108.50 and 107.70 could flash on their radar to target.

Anil Panchal FXStreet

USD/JPY 4-Hour chart

Additional important levels:

Overview:
    Today Last Price: 110.74
    Today Daily change: 10 pips
    Today Daily change %: -0.09%
    Today Daily Open: 110.84
Trends:
    Daily SMA20: 109.98
    Daily SMA50: 110.01
    Daily SMA100: 111.51
    Daily SMA200: 111.31
Levels:
    Previous Daily High: 110.96
    Previous Daily Low: 110.54
    Previous Weekly High: 111.13
    Previous Weekly Low: 109.7
    Previous Monthly High: 110
    Previous Monthly Low: 104.75
    Daily Fibonacci 38.2%: 110.79
    Daily Fibonacci 61.8%: 110.7
    Daily Pivot Point S1: 110.6
    Daily Pivot Point S2: 110.36
    Daily Pivot Point S3: 110.18
    Daily Pivot Point R1: 111.02
    Daily Pivot Point R2: 111.2
    Daily Pivot Point R3: 111.44

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 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.