The USDJPY pair has been correcting lower since last Thursday after peaking at fresh November highs around 146.55
The USD finished slightly lower on Friday, staying under mild selling pressure at the start of the week. In the previous session, the greenback briefly jumped to fresh mid-June highs in the 103.70 area before retreating slightly. Now, the dollar treads water just below the 103.40 area, looking steady and directionless after the weekend. On the downside, the immediate support arrives around 103.20, followed by 103.00 and the 102.80 zone. Despite some correction, the overall technical picture stays positive for the time being even as the buck has so far failed to confirm a break above the 103.50 figure. Now that the dollar is back below this level, fresh drivers could be needed in the near term. Should the DXY see a more intense selling pressure, a break below the 103.30 zone would open the way towards a deeper retreat. Meanwhile, EURUSD bounced marginally, staying below the key SMAs in early European deals. The pair is changing hands around 1.0885 as of writing, up 0.11% on the day.
The cable turned slightly lower on Friday after a three-day recovery that was capped by the 100-DMA. At the start of the week, the pair bounced marginally as the buying pressure surrounding the US dollar eased. As such, the pair has settled above 1.2700, looking indecisive ahead of the 20-DMA. So the pound is yet to regain the key moving average in order to confirm the latest bounce. Earlier in the day, the pair encountered a barrier around 1.2750. The daily RSI looks directional in neutral territory, suggesting the pair could struggle to overcome the mentioned SMA in the near term. In recent trading, GBPUSD was changing hands around 1.2741, up 0.05% on the day. On the downside, the immediate significant support is now represented by the 1.2720 zone, followed by the 1.2700 level. On the upside, a decisive break above 1.2750 would pave the way to a more sustained recovery. In a wider picture, the pound has been staying within a bullish trend since last September.
The USDJPY pair has been correcting lower since last Thursday after peaking at fresh November highs around 146.55. As such, the pair has retreated from the peaks, deciding on the further direction as the upside pressure surrounding the USD has eased somehow. In early European deals on Monday, USDJPY holds above the 145.00 mark that now represents the immediate support. As the pair still stays well above the 20-DMA, downside risks remain limited in the near term. The dollar was last seen changing hands around 145.41, up 0.03% on the day. Now, the greenback needs to regain the 145.60 mark in order to resume the ascent. The daily RSI turned slightly lower in neutral territory, suggesting the dollar could see fresh selling pressure in the immediate term before demand reemerges. On the hourly timeframes, the technical picture looks neutral, albeit upside risks persist as prices are now holding above the 20-SMA.
The price of gold turned slightly higher on Monday after the recent slide, struggling to attract more decisive demand even as the buying pressure surrounding the US dollar ebbed. Earlier in the session, the precious metal bounced from fresh dive-month lows in the $1,884 area to settle just below $1,890, with prices staying vulnerable. Should the pressure reemerge any time soon, the bullion could get back below the $1,885 zone. Gold was last seen changing hands around $1,889, up 0.1% on the day. On the weekly timeframes, the technical picture keeps deteriorating as the metal keep distancing itself from the 20-SMA. On the upside, the immediate target is now represented by the $1,900 level, followed by the $1,915 zone. On the four-hour charts, the XAUUSD pair is holding slightly below the 20-SMA while the RSI looks bullish, painting a mixed technical picture.