USD/JPY Technical Analysis: Trying to form a firm base near 113.00 handle, 200-hour EMA

Haresh Menghani FXStreet

• The pair continued showing some remarkable resilience near 100-day SMA and staged a solid rebound on the first day of a new trading week.

USD/JPY daily chart

• The momentum seemed lacking any follow-through on Tuesday, albeit the pair now seemed trying to form a firm base near 200-hour EMA.

1-hourly chart

• Technical indicators on hourly charts have been gaining some positive traction but are yet to catch up with the positive move on the daily chart.

• Hence, it would be prudent to wait for a follow-through buying before positioning for further up-move towards a descending trend-line resistance.

• Meanwhile, a convincing break below the 100-day SMA support might negate any positive outlook and prompt some aggressive technical selling.

USD/JPY

Overview:
    Today Last Price: 113.11
    Today Daily change: -17 pips
    Today Daily change %: -0.150%
    Today Daily Open: 113.28
Trends:
    Previous Daily SMA20: 113.2
    Previous Daily SMA50: 113.04
    Previous Daily SMA100: 112.28
    Previous Daily SMA200: 110.61
Levels:
    Previous Daily High: 113.3
    Previous Daily Low: 112.24
    Previous Weekly High: 113.83
    Previous Weekly Low: 112.23
    Previous Monthly High: 114.25
    Previous Monthly Low: 112.3
    Previous Daily Fibonacci 38.2%: 112.89
    Previous Daily Fibonacci 61.8%: 112.64
    Previous Daily Pivot Point S1: 112.58
    Previous Daily Pivot Point S2: 111.88
    Previous Daily Pivot Point S3: 111.53
    Previous Daily Pivot Point R1: 113.64
    Previous Daily Pivot Point R2: 113.99
    Previous Daily Pivot Point R3: 114.69

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 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 drifts higher to near $5,000 on heightened US-Iran tensions

Gold price holds positive ground near $5,000 during the early Asian session on Friday. The precious metal edges higher as escalating tensions between the United States and Iran boost safe-haven demand. Traders brace for the preliminary reading of US Gross Domestic Product for the fourth quarter, the Personal Consumption Expenditures and the S&P Global Purchasing Managers Index data, which are due later on Friday.

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.