USDJPY retains a modest bullish bias at the start of the week after a bounce from this month’s lows seen around 127.50
EURUSD
The USD index stays resilient just below twenty-year highs seen around the 105.00 figure last week. The buck continues to cling to the upper end of the extended trading range as risk-on tone abated at the start of the week. The immediate support now arrives at 104.40, followed by the 104.00 mark. EURUSD has settled slightly above the 1.0400 figure during the early European deals, but it looks likely the common currency will struggle to overcome the 1.0530 nearest upside target at this stage. The euro may get back below 1.0400 in the short term if investor sentiment keeps deteriorating further. The pair was last seen changing hands around 1.0423, up 0.12% on the day. On the four-hour charts, the prices are holding just below the descending 20-SMA that represents the immediate barrier for the European currency. A daily close above this moving average would help ease the selling pressure somehow.
GBPUSD
GBPUSD struggled for direction on Monday after a slight bounce witnessed ahead of the weekend. The pair has settled around the 1.2220 flat-line following rejection from the 1.2300 mark earlier in the day. As such, the cable continues to hold around two-year lows and could fall further should USD demand reemerge anytime soon. On the downside, the immediate support now arrives at 1.2200, followed by the lowest level since May 2020 that capped the selling pressure around 1.2155 last week. If this zone gives up in the coming says, GBPUSD could derail the 1.2100 mark. On the shorter-term timeframes, the technical picture looks neutral-to-bearish, with the pound flirting with 20-DMAs that have been capping bullish attempts so far. In a wider picture, downside risks persist as long as the pair stays below.
USDJPY
USDJPY retains a modest bullish bias at the start of the week after Friday’s bounce from this month’s lows seen around 127.50. The pair regained the 129.00 figure, with the 129.60 zone capping more robust gains at this stage. The dollar is targeting the 130.00 mark again, but the upside pressure seems to be too modest so far, with downside risks persisting while below this level. USDJPY was last seen flirting with the 20-DMA that could cap more robust gains in the near term. The immediate support now arrives at 128.70, followed by 128.20 and the 127.50 zone that capped losses last week. The overall bullish trend remains intact, however, suggesting the greenback could refresh multi-year highs beyond 131.35. On the hourly charts, the pair is stuck between the key moving averages while the RSI looks directionless around 57.00, painting a neutral near-term technical picture.
BTCUSD
Following a bounce om Sunday, the BTCUSD pair extended gains to $31,400 earlier today but failed to preserve gains and retreated eventually as sellers reemerged. As a result, the most popular cryptocurrency fell back below the $30,000 mark, erasing yesterday’s gains. Now, the coin needs to hold above $29,000 in order to avoid deeper losses towards late-2020 lows seen last week around $25,200. Should the selling pressure intensify in the near term, BTCUSD may get back under $28,000. The technical picture on the daily charts looks bearish at this stage, with RSI pointing lower but hasn’t entered the oversold territory just yet, suggesting the digital currency could continue to struggle in the near term, especially as the prices are holding below the $30,000 psychological level that represents the immediate upside target for BTC.
