USD/JPY poised to extend its advance with resistance seen at 106.70

FXStreet Team FXStreet

The USD/JPY pair is trading at fresh weekly highs around the 106.35 as the greenback retains its strength. The next relevant resistance level sits at 106.70, as FXStreet’s Chief Analyst Valeria Bednarik notes.

Key quotes

“The USD/JPY modest advance could be attributed to the behavior in US Treasury yields, which are modestly up in pre-opening trading. Equities, on the other hand, retain their bullish bias, but that does not seem enough to underpin the pair.”

“Japan published the Jibun Bank Services PMI, which printed at 45 in August, below the previous 45.4. The focus now shifts to US employment-related data, ahead of the Nonfarm Payroll report to be out on Friday. The country will release August Challenger Job Cuts and Q2 Unit Labor Costs. It will also publish Initial Jobless Claims for the week ended August 28, foreseen at 950K from 1006K in the previous week.”

“The 4-hour chart shows that the USD/JPY pair has held above all of its moving averages, while the 20 SMA finally turned higher, and is about to cross above the larger ones. The medias, however, remain in a tight 10 pips’ range. Technical indicators, in the meantime, advance within positive levels, reflecting increasing buying interest.”

“Support levels: 105.90 105.50 Resistance levels: 106.70 107.10”

Author

FXStreet Team

FXStreet

EUR/USD weakens to four-week lows near 1.1750

EUR/USD’s selling pressure is gathering pace now, approaching the area of multi-week troughs in the mid-1.1700s on Thursday. The pair’s intense decline comes on the back of another day of solid gains in the US Dollar, particulalry exacerbated following firm prints from the weekly US labour market.

GBP/USD drops further, hovers around 1.3460

In line with the rest of its risk-linked peers, GBP/USD faces increasing selling pressure and recedes toward the 1.3460 region, or four-week lows, on Thursday. Cable’s persistent pullback comes in response to the continuation of the recovery in the Greenback amid a solid US data and a divided FOMC when it comes to the Fed’s rate path.

Gold clings to daily gains near $5,000

Gold struggles for direction and clings to its daily gains around the key $5,000 mark per troy ounce on Thursday. The precious metal sticks to the bid bias amid reignited geopolitical tensions in the Middle East and despite marked gains in the US Dollar and rising US Treasury yields across the curve.

Ripple slips toward $1.40 despite SG-FORGE tapping protocol for EUR CoinVertible

XRP extends its decline, nearing $1.40 support, as risk appetite fades in the broader market. SG-FORGE’s EUR CoinVertible launches on the XRP Ledger, leveraging the blockchain’s scalability, speed, security, and decentralization.

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.