USD/JPY – Turns positive, did BOJ lend helping hand?

Omkar Godbole FXStreet Contributor

Bearish momentum in USD/JPY suddenly ran out of steam forcing us to question whether the Bank of Japan (BOJ) made its presence felt.

The spot turned higher from the low of 100.08 levels to near 5-DMA level of 100.58 levels.

100.00 levels is the line in the sand

The line in the sand for BOJ and USD/JPY bulls is 100.00. Before June 24, the pair was last seen trading below 100.00 levels back in November 2013. Furthermore, we have had only one daily close below 100.00 since June 24. Meanwhile, the pair printed intraday lows eight times since June 24.

No wonder the bears get nervous each time the spot nears 100.00 levels, given the probability of BOJ intervention is always high near the psychological level.

USD/JPY Technical Levels

Acceptance above 5-DMA level of 100.58 would open doors for 100.00 (zero figure), above which the spot could target 101.33 (10-DMA). On the lower side, a breakdown of support at 100.00 could force bulls out of their longs and lead to quick fire drop to 99.00 levels, under which a major support is seen at 98.79 (Brexit day low).

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD off highs, back to 1.1850

EUR/USD loses some upside momentum, returning to the 1.1850 region amid humble losses. The pair’s slight decline comes against the backdrop of a marginal advance in the US Dollar as investors continue to assess the latest US CPI readings.

GBP/USD advances to daily tops around 1.3650

GBP/USD now manages to pick up extra pace, clinching daily highs around 1.3650 and leaving behind three consecutive daily pullbacks on Friday. Cable’s improved sentiment comes on the back of the inconclusive price action of the Greenback, while recent hawkish comments from the BoE’s Pill also collaborates with the uptick.

Gold surpasses $5,000/oz, daily highs

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 yellow metal’s upside is also propped up by the lack of clear direction around the US Dollar post-US CPI release.

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.