USD/JPY Technical Analysis: Recovering some losses post-Trump's comment on rate hikes

USD/JPY fell about 80 pips after US President Trump said that he didn’t like interest rate hikes and a strong USD in a CNBC interview. However, USD/JPY already recovered about 45 pips to the upside.
USD/JPY took a strong hit and is now trading below the 50, 100 and 200-period simple moving averages.
As long as USD/JPY stays below 112.64 it could indicate that the bearish correction is not over yet and that the bearish pressure can persist.

Flavio Tosti Independent Analyst

USD/JPY 15-minute chart

Spot rate: 112.50

Relative change: 0.32%
High: 113.18
Low: 112.05

Trend: Bullish /Bearish correction

Resistance 1: 112.64 July 12 high
Resistance 2: 113.18, 2018 high
Resistance 3: 113.26-113.38, 200-weekly simple moving average and January 8 high
Resistance 4: 114.45 October 27, 2017 high

Support 1: 112.19-112.40 area, July 11 high and intraday swing low
Support 2: 111.60-111.80 area, 23.6% and 23.2% Fibonacci retracement low/high July 11
Support 3: 111.39 May 21 swing high
Support 4: 111.02-111.16 previous intraday swing lows
Support 5: 110.90 June 15 swing high

Author

Flavio Tosti

Independent Analyst

EUR/USD keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold sticks to a negative bias below $5,000; lacks bearish conviction

Gold remains depressed for the second consecutive day and trades below the $5,000 psychological mark during the Asian session on Tuesday, as a positive risk tone is seen undermining safe-haven assets. Meanwhile, bets for more interest rate cuts by the Fed keep a lid on the recent US Dollar bounce and act as a tailwind for the non-yielding bullion, warranting caution for bearish traders ahead of FOMC minutes on Wednesday.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

US CPI is cooling but what about inflation?

The January CPI data give the impression that the Federal Reserve is finally winning the war against inflation. Not only was the data cooler than expected, but it’s also beginning to edge close to the mystical 2 percent target. CBS News called it “the best inflation news we've had in months.”

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.