USD/JPY consolidates gains below 110.50 amid USD strength

USD/JPY extends the gains on the last trading day of the week.
US Dollar Index remains strong above 93.00 on upbeat economic data.
The yen slip on the backfoot on its slower vaccination program.

Rekha Chauhan Independent Analyst

The appreciative move in the US dollar keeps, USD/JPY higher on Friday in the initial Asian trading hours. The pair continues to consolidate gains in a familiar trading range of 110.20 and 110.50.

At the time of writing, USD/JPY is trading at 110.43, up 0.03 % for the day.

The US Dollar Index, which tracks the performance of the greenback against its six major rivals, trades above 93.00 with 0.10% gains.

The US jobless data enhances the attractiveness of the greenback as it reflects the better labor market conditions but falls short to support the early tapering by the Fed. The US Initial Jobless Claims fell for a third straight week to 375k.
In the meantime, the Producer Price Inflation (PPI) rose by 1% in July, beating the market expectations.

On the other hand, the Japanese yen as investors assessed the impact of the slower vaccination program on the pace of economic recovery.

As for now, investors wait for the US Trade and Michigan Consumer Sentiment Index data to gauge the market sentiment.

USD/JPY additional levels

USD/JPY

Overview
Today last price	110.41
Today Daily Change	-0.01
Today Daily Change %	-0.01
Today daily open	110.42

Trends
Daily SMA20	109.93
Daily SMA50	110.17
Daily SMA100	109.68
Daily SMA200	107.35

Levels
Previous Daily High	110.8
Previous Daily Low	110.31
Previous Weekly High	110.36
Previous Weekly Low	108.72
Previous Monthly High	111.66
Previous Monthly Low	109.06
Daily Fibonacci 38.2%	110.5
Daily Fibonacci 61.8%	110.61
Daily Pivot Point S1	110.22
Daily Pivot Point S2	110.02
Daily Pivot Point S3	109.72
Daily Pivot Point R1	110.71
Daily Pivot Point R2	111
Daily Pivot Point R3	111.21

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

EUR/USD looks sidelined around 1.1850

EUR/USD remains on the back foot, extending its bearish tone and sliding towards the 1.1850 area to print fresh daily lows on Monday. The move lower comes as the US Dollar gathers modest traction, with thin liquidity and subdued volatility amplifying price swings amid the US market holiday.

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 battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

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.