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  • SEC said to curtail SPAC fervor with discussions on accounting - BBG
  • Gold extends its decline as the 50-day EMA proves to be strong resistance yet again $XAU $USD https://t.co/wHIxrQYDET
  • The Australian Dollar has carved a well-defined monthly range just above trendline support and the immediate focus is on a breakout of the April range for guidance. Get your $AUD market update from @MBForex here:https://t.co/mZs9vBxedN https://t.co/UaM9NnavMk
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.26% 🇨🇭CHF: 0.26% 🇬🇧GBP: 0.25% 🇦🇺AUD: 0.05% 🇳🇿NZD: -0.05% 🇨🇦CAD: -0.24% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/OKUnUn59EY
  • $IWM flows vs. Russell 2000 Index performance https://t.co/vsTaYIX9o8
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.09% Gold: -0.63% Silver: -1.65% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Cyqt8rSZuu
  • #Sterling Outlook: $GBPUSD April Range Set on Support- #Cable Levels - https://t.co/mquksoBZEs https://t.co/7EF4wMMBWZ
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.07%, while traders in Germany 30 are at opposite extremes with 74.45%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/xaohrvjfLs
  • The price of gold appears to have carved a double bottom as it breaks out of the downward trend from earlier this year. Get your $XAUUSD market update from @DavidJSong here:https://t.co/6FaHtNS84K https://t.co/luwH5P9olU
  • Indices Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Germany 30: 0.07% FTSE 100: 0.06% France 40: 0.04% US 500: 0.02% Wall Street: 0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/zIMIvT5L9r
USD/JPY Classical Technical Report 02.29

USD/JPY Classical Technical Report 02.29

Joel Kruger, Technical Strategist
Daily_Classical_USDJPY_body_jpy2.png, USD/JPY Classical Technical Report 02.29

USD/JPY:The market is doing a good job of showing the potential for the formation of a major cyclical bottom after taking out the 200-Day SMA and now clearing psychological barriers by 80.00 for the first time in 6 months. This further solidifies basing prospects and we could be in the process of seeing a major bullish structural shift that exposes a move towards 85.00-90.00 over the coming months. At this point, only back under 77.00 would delay outlook and give reason for concern. However, in the interim, it is worth noting that gains beyond 80.00 over the coming sessions could prove short-lived with technical studies rolling from their most overbought levels in over 10 years and warning of some additional corrective declines towards previous resistance now turned support by 78.00 before bullish continuation.

--- Written by Joel Kruger, Technical Currency Strategist

To contact Joel Kruger, email jskruger@dailyfx.com. Follow me on Twitter @JoelKruger

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