USD/JPY: yen supported from all sides - FXStreet

Ross J Burland FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the USD/JPY pair turned south as fast as it previously advanced, erasing all of its Monday gains and extending down to a fresh weekly low of 110.51 where it stands by the end of the US session.

Key Quotes:

"Risk aversion fueled yen's advance during the US afternoon, resulting also in a three digit slide in the Dow Jones Industrial Average. Tepid US data also favored the Japanese currency, and is currently struggling around a major static level, the 110.60 region, in where the pair stalled multiple times ever since early February."

"The pair was rejected from a sharply bearish 100 DMA, having reached it earlier this week for the first time since mid January, which suggests the long term risk remains towards the downside."

"In the short term the 1 hour chart shows that the price is approaching its 100 SMA currently at 110.40, whilst the technical indicators maintain strong bearish slopes within negative territory, in line with further declines."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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.