Currency market: USD/JPY weekly and day trade

Brian Twomey Brian's Investment

USD/JPY's first leg of the weekly trade completed Monday for +92 pips and 14 week total at +1830 pips. The 2nd leg is in progress and here's the trade as posted Monday.

USD/JPY long 114.77 and 114.64 to target 115.34. Results: Low 114.70 and highs 115.17 and +47 pips and running.

An alternative trade existed to long 114.91 or 114.85 to target 115.30. Highs achieved 115.28. Trade ran either +39 pips from 91 or 43 pips from 85.

Note the first trade short 115.82 and 115.95 to target 114.91. Lows achieved 114.85. Highs achieved 115.77 and 5 pips miss. Lows achieved 114.85 and 6 pips off target. The 5 pips at the top had to compensate for at least 5 pips at the bottom target.

USD/JPY's yesterday day trade and 4 vital numbers: 114.51, 114.79, 115.37 and 115.66.

Results Actual: 115.11 - 114.70. See 114.79 - 115.37 ? Yesterday's 114.70 coincided to the 2nd leg trade at 114.77 and 114.64 and 1/2 the range at 114.71.

Today's 4 numbers 114.51, 114.79, 115.37 and 115.66. Yesterday 114.51, 114.79, 115.37, 115.66.

Today's day trade is the exact same trade as yesterday. In the last 24 hours, USD/JPY traded 114.70 to current 115.21 or 51 pips. Note our profit for the 2nd leg trade +39 and +43 pips. We missed 11 and 7 pips from the total 51 yet profit was near 100% of the trade range.

Author

Brian Twomey

Brian's Investment

Brian Twomey is an independent trader and a prolific writer on trading, having authored over sixty articles in Technical Analysis of Stocks & Commodities and Investopedia.

EUR/USD treads water around 1.1900

EUR/USD edges a tad lower around the 1.1900 area, coming under mild pressure despite the US Dollar keeps the offered stance on turnaround Tuesday. On the US data front, December Retail Sales fell short of expectations, while the ADP four week average printed at 6.5K.

GBP/USD looks weak near 1.3670

GBP/USD trades on the back foot around the 1.3670 region on Tuesday. Cable’s modest retracement also comes in tandem with the decent decline in the Greenback. Moving forward, the US NFP and CPI data in combination with key UK releases should kee the quid under scrutiny in the next few days.

Gold the battle of wills continues with bulls not ready to give up

Gold comes under marked selling pressure on Tuesday, giving back part of its recent two day advance and threatening to challenge the key $5,000 mark per troy ounce. The yellow metal’s correction follows a better tone in the risk complex, a lower Greenback and shrinking US Treasuty yields.

AI Crypto Update: BankrCoin, Pippin surge as sector market cap steadies above $12B

The Artificial Intelligence (AI) segment is largely on the back foot with major coins such as Bittensor (TAO) and Internet Computer (ICP) extending losses amid a sticky risk-off sentiment.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.