USD/JPY trims early recovery gains

Haresh Menghani FXStreet

Having posted a session high near 101.00 handle, the USD/JPY pair lost its upside momentum and has now trimmed some of its recovery gains.

Currently trading near 100.60 level, the pair met with fresh supply as market seems to have digested US presidential debate-led wave of optimism. Concerns over Deutsche Bank was seen weighing on European equity markets, which have now started retracing from higher level and could be the first signs of risk-aversion making a comeback.

Focus now shifts to the release of CB US Consumer Confidence index, later during NA trading session, and would be looked upon to grab some short-term trading opportunities.

Technical levels to watch

Immediate downside support is seen at 100.30-25 area below which the pair seems vulnerable to head back towards 100.00 psychological mark support. A convincing break below 100.00 mark might trigger stops and is likely to accelerate the slide further towards 99.60-55 support area.

On the upside, 101.00 handle now seems to have emerged as immediate resistance, which if conquered should boost the pair beyond 101.30 intermediate resistance towards testing its next major hurdle near 101.65-70 region.

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 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.