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USD/JPY : climbs back closer to 107.00 multi-month tops

USD/JPY : climbs back closer to 107.00 multi-month tops

Information is not investment advice

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Ichimoku Kinko Hyo

EUR/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.

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Fibonacci Levels

 XAG/USD: Silver continuous to stand below 38.2% retracement area. Bearish pressure is growing but during the last hours bulls resist.

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EU Market View

Asian shares edged higher on Wednesday as investors shrugged off concerns that stocks may have rallied too far too fast in the past year and focused instead on optimism that more imminent U.S. stimulus will energise the global economic recovery. The U.S. stock market was roiled last week when benchmark yields spiked to a one-year high on investor bets that a strong U.S. economic rebound amid ultra-loose monetary conditions could fuel inflation. U.S. Federal Reserve officials have said that inflation concerns are premature, however, and warned that rising yields could tighten financial conditions and constrain an economic recovery.

The Australian dollar, which has benefited from bets on an acceleration in global trade, was supported after stronger-than-expected economic growth in the fourth quarter fuelled hopes for a V-shaped recovery from the coronavirus pandemic.

Oil prices bounced slightly from a two-week low overnight on expectations that OPEC+ producers will ease supply curbs at their meeting later this week as economies start to recover from the coronavirus crisis.

Looking ahead, highlights from macroeconomic calendar include EZ, UK & US services PMIs (final), UK Budget, US ADP, ISM services, DoEs, OPEC JMMC, ECB's Panetta, de Guindos, Schnabel, Fed's Harker, Bostic, Evans, BoE's Tenreyro

EU Key Point

  • BOJ's Kataoka supports that BOJ must respond flexibly if Japanese yields keep rising.
  • Germany reports 9,019 new coronavirus cases, 418 deaths in latest update today.
  • Russia warns US on sanctions, "stop playing with fire".
  • BOJ's Kataoka says 2% inflation is hard to foresee.
  • EUR/USD: Downside momentum looks mitigated.

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