USDJPY could register the fourth consecutive week of gains if the dollar receives a boost from the US jobs data
The dollar extends its rebound across the market, with the USD index trading back above the 98.00 figure, challenging the 98.60 zone ahead of the US March jobs report that would affect dollar dynamics in the near term. Strong figures are expected to push the USD index towards the 99.00 mark on a daily and weekly closing basis. As such, EURUSD slipped from local lows seen around 1.1185 on Thursday to settle around 1.1050 in recent trading. Should the pressure intensify, the pair will derail the 20-DMA, currently at 1.1000. In the immediate term, however, it looks like the common currency will struggle for direction as markets cautiously await US jobs data and fresh talks between Russia and Ukraine. On the weekly charts, the pair stays positive, albeit off local peaks seen marginally below 1.1200.
GBPUSD keeps flirting with the flattening 20-DMA, struggling to regain the upside momentum following a strong rejection from the 1.3190 zone at the start of the week. For the time being, however, the pound holds above the 1.3100 figure, a break below which would mark deterioration in the near-term technical picture. On the downside, the intermediate support is represented by this week’s lows registered around 1.3050, followed by November 2020 lows in the 1.3000 area. As long as the prices stay below the descending 200-DMA, today at 1.3560, downside risks continue to persist. On the weekly timeframes, the pair needs to advance to 1.3200 in order to finish in positive territory. However, it looks like the path of least resistance is to the downside at this stage, especially as the dollar proceeded to recovery across the market.
USDJPY bounced north on Friday after three days of losses. Earlier, the pair found a local bottom at 121.30 to jump back above 122.00 in recent trading. The dollar advanced to 122.75 before retreating marginally during the European hours. Despite the reversal, the greenback lacks the upside momentum to recoup recent losses amid overbought conditions, and it looks like the pair could face another sell-off before retargeting long-term highs refreshed above 125.00 at the start of the week. On the downside, the immediate support now arrives at 121.30, followed by 121.00 and 120.70. On the weekly timeframes, USDJPY stays positive as long as the prices hold above 122.00. As such, the pair will register the fourth consecutive week of gains if the dollar receives a boost from the upcoming US jobs data later in the day.
The bitcoin price registered fresh 2022 highs around $48,200 at the start of the week and has been retreating since than as traders take profit following a solid rally. On Friday, the largest cryptocurrency by market capitalization extended losses to $44,200 before bouncing back above $45,000 in recent trading. Should the BTCUSD pair hold above the $44,400 zone in the coming days, the coin will finish the week in positive territory. On the downside, the key support zone is represented by the ascending 20-DMA, today at $43,100, followed by the 100-DMA that arrives just below $42,000. As long as the latter acts as support, bearish risks are limited. In a wider picture, the coin needs to overcome the 200-DMA, today at $48,200, in order to retarget the $50,000 psychological level last seen in December 2021.