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30 01, 2026

Silver Forecast Today 30/01: Massive Volatility (Chart)

By |2026-01-30T15:54:39+02:00January 30, 2026|Forex News, News|0 Comments


  • Silver markets continue to see a lot of volatility on Thursday as we have seen a new high, only to turn around rapidly.

Silver markets continue to see a lot of volatility as we broke above the $120 level, only to turn around and show signs of weakness. All things being equal, this is a market that I think continues to see a lot of questions asked about whether or not it can continue to go higher.

But with all that being said, I also recognize that we continue to see a lot of questions about whether or not the silver market can sustain this type of pressure and quite frankly, I don’t think it can. So, with that being the case, I also recognize that the market is going to remain very dangerous and doing anything with huge position size is probably going to be a major problem.

Market Volatility and Position Sizing

We have seen the market break all the way towards the $122 level and then turn around to drop to the $111 level in a very short amount of time during the day. In fact, it’s probably worth noting that volume spiked quite wildly at about 10:00 New York time and with this being the case, it looks like we have seen a retest of the $110 level as we are starting to see the narrative play out that perhaps there’s all sellers and no buyers at some of these higher levels.

If that’s going to be the case, I fully anticipate that this market will probably drop. I do think the $100 level will be a bit of support, but I also recognize that the volatility will continue to be a situation where traders are looking at this through the possibility of a deep correction that they can take advantage of value.

The silver market will eventually go looking to its floor and find out where that is, but this time it’s obviously going to be higher than the last major melts up. All things being equal, I think buying dips continues to work, but as we saw on Thursday, you have to be very careful about position sizing as a lot of long positions just got wiped out.

Ready to trade our daily forex analysis and predictions? Here are the best Silver trading brokers to choose from.

Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.



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30 01, 2026

Bears seem hesitant ahead of Trump’s Fed chair pick

By |2026-01-30T15:49:47+02:00January 30, 2026|Forex News, News|0 Comments

The GBP/USD pair meets with a fresh supply following the previous day’s good two-way price swings and sticks to a negative bias through the first half of the European session on Friday. The US Dollar (USD) gains some positive traction in reaction to the optimism over a Senate deal to fund the federal government, which, in turn, is seen as a key factor exerting pressure on spot prices. The lack of follow-through selling, however, warrants some caution before positioning for an extension of the retracement slide from the highest level since September 2021, around the 1.3870 region, touched earlier this week on Tuesday.

Democrats and the White House have reached an agreement to temporarily fund the Department of Homeland Security as lawmakers rush to pass the spending package by Friday to avoid a partial US government shutdown. This assists the USD Index (DXY), which tracks the Greenback against a basket of currencies, to move further away from a four-year trough set on Tuesday. Despite the bounce, the USD remains on track to register its second straight week of losses amid economic and policy risks on the back of US President Donald Trump’s erratic decisions, and attacks on the Federal Reserve’s (Fed) independence.

In fact, Trump on Thursday announced his plans to decertify all Canada-made aircraft, accusing the latter of unfairly blocking certification of Gulfstream business jets. Trump threatened to impose a 50% tariff on all aircraft sold from Canada into the US until American-made Gulfstream jets receive certification in Canada, fueling concerns about a full-blown trade war between the two North American countries amid the rising risk of a military conflict with Iran. Adding to this, the White House said that Trump signed an executive order that would impose tariffs on countries that provide Crude Oil to Cuba.

Meanwhile, Trump took another jab at the Fed Chair Jerome Powell and said on Truth Social that the US central bank should substantially lower interest rates. Earlier this week, the Fed resisted the unprecedented political pressure and decided to leave rates unchanged while signaling that it would continue to adopt a cautious approach. All eyes are now on the announcement of Trump’s pick to replace Jerome Powell as the next Fed chair. Reports suggest that the Trump administration is preparing to nominate former Fed Governor Kevin Warsh to be the next Chair later this Friday.

Nevertheless, investors remain worried about the freedom of monetary authorities from direct political interference in formulating policies. Moreover, traders are still pricing in the possibility of two more rate cuts by the Fed in 2026, which should keep a lid on the Greenback. The British Pound (GBP), on the other hand, might continue to be underpinned by supportive fundamentals, which tempered near-term Bank of England (BoE) rate cut expectations. This contributes to limiting losses for the GBP/USD pair, making it prudent to wait for strong follow-through before confirming that spot prices have topped out.

GBP/USD 1-hour chart

Technical Analysis:

The 100-hour Simple Moving Average (SMA) trends higher, and the GBP/USD pair holds above it, maintaining a mild bullish bias. The SMA stands at 1.3759 and offers nearby dynamic support. The Moving Average Convergence Divergence (MACD) line sits below the Signal line near the zero level, with a small negative histogram that suggests fading momentum. The Relative Strength Index (RSI) at 43 remains below the midline, reflecting subdued strength.

Measured from the 1.3344 low to the 1.3871 high, the 23.6% Fibonacci retracement level at 1.3747 offers initial support, and holding above it could keep the intraday tone supported. The rising 100-period SMA underpins the structure as price consolidates just above it. The MACD line remains below the Signal line around the zero mark, while the contracting negative histogram hints at stabilizing pressure. RSI at 43 stays neutral to soft, and a move through 50 could improve momentum.

On pullbacks, the 38.2% retracement at 1.3670 marks the next support, and a break beneath it would warn of a deeper correction within the broader upswing.

(The technical analysis of this story was written with the help of an AI tool.)

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30 01, 2026

Copper price fails to settle above resistance– Forecast today – 30-1-2026

By |2026-01-30T11:53:37+02:00January 30, 2026|Forex News, News|0 Comments


Copper price’s trading extended towards $6.5225 level, achieving new historical gains but its neediness to the negative momentum pushed it to decline again to settle below $6.2100 resistance, to begin gathering some gains by reaching $6.000.

 

The contradiction between the main indicators by the stability below the resistance might increase the efficiency of the bearish corrective track, which might target $5.7500 level reaching the initial support at $5.5100.

 

The expected trading range for today is between $5.8000 and $6.2000

 

Trend forecast: Bearish

 





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30 01, 2026

USD/JPY Forecast Today 30/01: USD/JPY Eyes Rebound (Chart)

By |2026-01-30T11:49:04+02:00January 30, 2026|Forex News, News|0 Comments

  • The USD/JPY pair currently looks as if it is trying to find a floor in the market, near the crucial 200-day EMA.

The US dollar continues its attempt to stabilize against the Japanese yen during trading on Thursday as we have seen a lot of noise in this general vicinity. All things being equal, this is a market that I think will continue to look at the 200-day EMA just below as a potential floor in the market, which is currently sitting at the 152 yen level. As long as we stay above that area, I do think you start to talk about the possibility of the market turning things around. If and when it does, then I think a move back toward the 50-day EMA makes quite a bit of sense.

There were some grumblings about the Bank of Japan intervening and that wouldn’t be a huge surprise. But at this juncture, I also recognize that market participants are looking at this as a market that pays interest at the end of the day and a lot of people will continue to try to take advantage of the carry trade if in fact it is available to them.

Market Volatility and Support Levels

With this, I believe the volatility that we are seeing during the trading session is just a function of market participants trying to fight back. I do think that the US dollar is oversold, and I believe this is a potential bottom just waiting to happen. I also recognize that there are a lot of questions about the US dollar at the moment, so I don’t think this is something that you want to get extraordinarily aggressive on.

Rather, treat it more or less as a part of your diversified portfolio that pays your dividends occasionally or in this case daily and just helps pad returns for the year. The Japanese yen is not a currency I want to own, and the US dollar is oversold. You probably get more traction using a different currency against the yen, maybe such as the Australian dollar, but the market certainly looks like one that I think is setting up for some consolidation and a bigger move. All we have to do is wait to see which direction.

Want to trade our USD/JPY forex analysis and predictions? Here’s a list of forex brokers in Japan to check out.

Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

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30 01, 2026

XAU/USD traders cash in as Trump set to announce Fed Chair pick

By |2026-01-30T07:52:50+02:00January 30, 2026|Forex News, News|0 Comments


Gold is seeing a deep correction early Friday, challenging bids near the $5,100 kevel, following intense volatility witnessed on Thursday.

Gold eyes deeper pullback ahead of Trump’s Fed Chair pick

Gold is down nearly 3% so far this Friday, yet on track for the largest monthly advance since January 1980.

The latest corrective pullback could be attributed mainly to a strong comeback staged by the US Dollar (USD) across the board. A cocktail of factors emerges as a tailwind to the Greenback, offering a much-needed reprieve.

The Wall Street Journal (WSJ) reported that US President Donald Trump and Senate Democrats struck a deal to avert a government shutdown, lending support to the buck.

Additionally, the Fed’s cautious hold decision and profit-taking following the recent meltdown to four-year lows collaborate to the USD’s resurgence heading into Trump’s announcement of the US Federal Reserve (Fed) Chair pick due later in the American morning on Friday.

The Trump administration is preparing to nominate former Fed Governor Kevin Warsh to be the next Chair, Bloomberg reported on Friday.

Despite the sharp correction in the bright metal, bargain hunting cannot be ruled out as geopolitical risks remain elevated between the US and Iran, while markets digest the latest tariff threats by Trump on Cuba and Canada.

The White House said that Trump signed an executive order that would impose tariffs on countries that provide oil to Cuba, per Reuters.

Looking, Trump’s announcement of his Fed Chair pick and US Producer Price Index (PPI) data are eagerly awaited for the next critical move in Gold.

Gold price technical analysis: Daily chart

In the daily chart, XAU/USD trades at $5,195.05. The 21-day Simple Moving Average (SMA) rises above the 50- and 100-day, while the 200-day SMA also trends higher. Price holds above these averages, reinforcing a bullish bias. The Relative Strength Index (RSI) is at 72.07 (overbought), with momentum still firm. Immediate support is at the 21-day SMA at $4,764.72.

Shorter SMAs remaining stacked above longer ones underscore the prevailing uptrend, with the 50-day SMA at $4,481.84 underpinning the structure. The 100- and 200-day SMAs continue to advance, confirming the broader positive slope. RSI stays elevated, which could cap near-term upside and favor consolidation rather than reversal. Pullbacks would be expected to find support near the 50-day SMA, while sustained trade above the short-term averages keeps the path of least resistance to the upside.

(The technical analysis of this story was written with the help of an AI tool.)

(This story was corrected on January 30 at 4:12 GMT to say in the first bullet point that “Gold corrected steeply early Friday, not correctly steeply.)

Gold FAQs

Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.



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30 01, 2026

Bears eye further losses below 1.1900, 38.2% Fibo.

By |2026-01-30T07:48:14+02:00January 30, 2026|Forex News, News|0 Comments

The EUR/USD pair attracts fresh sellers following the previous day’s good two-way price swings and retests sub-1.1900 levels during the Asian session on Friday. Spot prices, however, recover around 25 pips from the daily low and currently trade around the 1.1920-1.1925 region, down 0.35% for the day.

The US Dollar (USD) gains some positive traction and looks to build on its recovery from a four-year low, touched earlier this week. Meanwhile, the European Central Bank (ECB)  flagged growing concerns over the Euro’s (EUR) quick appreciation against the USD, which turns out to be another factor exerting some pressure on the EUR/USD pair.

From a technical perspective, intraday weakness below the 100-hour Simple Moving Average (SMA) could be seen as a fresh trigger for the EUR/USD bears. Spot prices, however, showed resilience below the 1.1900 mark and bounced off the 38.2% Fibonacci retracement level of the latest leg up from the monthly swing low, touched last week.

Meanwhile, the Moving Average Convergence Divergence (MACD) line slips below the Signal line in negative territory, with a small negative histogram suggesting fading upside momentum. The Relative Strength Index (RSI) sits at 42, reinforcing a consolidative tone and warranting caution before positioning for deeper EUR/USD losses.

The 38.2% Fibo. retracement at 1.1892 offers initial support, with the 50% retracement at 1.1832 below. A recovery could target the 23.6% retracement at 1.1967, whereas a break under the initial support would risk extending the pullback from the 1.2080-1.2085 region, or the highest level since June 2021, touched earlier this week.

(The technical analysis of this story was written with the help of an AI tool.)

EUR/USD 1-hour chart

US Dollar Price Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Australian Dollar.

USD EUR GBP JPY CAD AUD NZD CHF
USD 0.25% 0.32% 0.46% 0.16% 0.55% 0.39% 0.29%
EUR -0.25% 0.06% 0.22% -0.10% 0.30% 0.14% 0.03%
GBP -0.32% -0.06% 0.15% -0.16% 0.24% 0.07% -0.03%
JPY -0.46% -0.22% -0.15% -0.31% 0.08% -0.09% -0.19%
CAD -0.16% 0.10% 0.16% 0.31% 0.39% 0.22% 0.13%
AUD -0.55% -0.30% -0.24% -0.08% -0.39% -0.16% -0.27%
NZD -0.39% -0.14% -0.07% 0.09% -0.22% 0.16% -0.11%
CHF -0.29% -0.03% 0.03% 0.19% -0.13% 0.27% 0.11%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

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30 01, 2026

oil price today: Why are oil and copper prices rising to record highs and will they increase further or fall down? Huge oil and copper price surge explained. Here’s what should investors do

By |2026-01-30T03:52:00+02:00January 30, 2026|Forex News, News|0 Comments


Why are oil and copper prices rising to record highs and will they increase further or fall down is now a central question for global markets. Commodity prices moved higher as investors reacted to geopolitical risks, currency moves, and expectations around demand. Oil prices jumped to multi-month highs after reports of possible United States action against Iran, a key oil producer. At the same time, copper prices surged to record levels as speculative buying increased, supported by a weak US dollar and hopes of higher spending on energy and power infrastructure. These factors together pushed energy and metal markets higher.

Why are oil and copper prices rising to record highs and will they increase further or fall down?

Why are oil and copper prices rising to record highs and will they increase further or fall down is driven by a mix of geopolitical risk, currency movement, and investor activity. Oil prices moved higher due to concerns over possible supply disruption linked to Iran and Middle East tensions. Copper prices climbed to record levels as speculative funds increased positions, supported by expectations of higher spending on power, data centres, and energy transition projects. A weak US dollar made commodities cheaper for global buyers. Future price direction depends on geopolitical developments, actual demand trends, supply responses, and whether speculative interest continues or fades.

Why are oil prices rising to record highs?

Why are oil prices rising to record highs is mainly linked to fears of supply disruption from Iran, one of the largest OPEC producers. Reports of potential US military action and new European Union sanctions raised concerns over oil flows through the Strait of Hormuz. At the same time, the US dollar stayed weak, supporting oil demand. Oil prices also gained support from expectations that interest rates may stay steady, which can support economic activity and fuel consumption in major economies.

Oil prices surge on Iran risk

The oil prices are rising to record highs due to oil market fears. Oil prices climbed about 4% after reports said the United States may take action against Iran. Iran is a major OPEC producer.

Brent crude rose to $70.90 per barrel. WTI rose to $65.56 per barrel. Both reached levels last seen months ago. Markets fear Iran may respond by targeting regional oil flows. The Strait of Hormuz carries about 20 million barrels per day.

The European Union also imposed sanctions on Iran. It targeted officials and entities linked to protest crackdowns. The EU also designated Iran’s Revolutionary Guards as a terrorist group. This raised supply risk concerns.

Oil supply outlook and geopolitical factors

Why are oil and copper prices rising to record highs and will they increase further or fall down also depends on supply changes. Russia may increase exports if peace talks with Ukraine progress. Russia is one of the top oil producers.

Kazakhstan said Chevron will restore full production at the Tengiz field soon. Venezuela lawmakers are discussing oil reforms. These steps may raise future supply and ease prices.

Analysts say current prices include a geopolitical risk premium. Any easing in tensions may reduce oil prices.

Dollar weakness and interest rate signals

Why are oil and copper prices rising to record highs and will they increase further or fall down is also linked to the dollar. The dollar is near multi-year lows. A weak dollar makes oil cheaper for global buyers.

The Federal Reserve signaled rates may stay steady. Lower borrowing costs can support demand. Brent’s premium over WTI rose above $5. This may increase US crude exports.

Why copper prices hit record highs?

Why are oil and copper prices rising to record highs and will they increase further or fall down includes copper market forces. Copper rose above $14,000 per ton. Speculative funds led buying, mainly in China.Copper is used in power, construction, and energy systems. Investors expect higher spending on data centers and power grids. A weak dollar also supported prices.

However, physical demand in China remains weak. Exchange inventories remain high. Analysts warn prices may not match supply and demand conditions.

Will oil and copper prices rise or fall next?

Why are oil and copper prices rising to record highs and will they increase further or fall down depends on geopolitics and demand. Oil may fall if Iran tensions ease or supply rises. Copper may correct if speculation slows and demand stays weak.

What should investors do?

What should investors do is a key question as oil and copper prices trade near record levels. Investors should track geopolitical developments linked to Iran and the Middle East, as headlines can shift prices quickly. They should also watch supply signals from OPEC, Russia, Kazakhstan, and Venezuela. For copper, investors should monitor physical demand data from China and inventory levels on exchanges. Price moves are being driven by speculation and currency trends, so risk management is important. Investors may consider avoiding overexposure and staying prepared for sharp corrections if conditions change.

FAQs

Why are oil and copper prices rising to record highs and will they increase further or fall down now?
Oil prices rose due to Iran risks and dollar weakness. Copper prices rose due to speculation and growth expectations. Future moves depend on geopolitics, demand data, and currency trends.

Will oil and copper prices fall after hitting record levels?
Prices may fall if Middle East tensions ease, supply increases, or speculative trading slows. Weak physical demand and high inventories may also pressure copper and oil prices.



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30 01, 2026

GBP/USD Forecast: Pound Sterling Reclaims Ground Above $1.38

By |2026-01-30T03:47:34+02:00January 30, 2026|Forex News, News|0 Comments


– Written by

STORY LINK GBP/USD Forecast: Pound Sterling Reclaims Ground Above $1.38

The Pound to US Dollar exchange rate (GBP/USD) edged higher on Thursday, with the pairing moving back towards the four-year high reached earlier in the week.

At the time of writing, GBP/USD was trading near $1.3844, up roughly 0.2% from the start of Thursday’s session.

The US Dollar (USD) remained on the back foot at the beginning of European trade on Thursday, extending a late-session retreat from the previous day.

After enduring sustained selling pressure for much of the past fortnight, the greenback had shown tentative signs of stabilising ahead of the Federal Reserve’s latest policy announcement on Wednesday.

As expected, the Fed left interest rates unchanged at its first meeting of 2026 and adopted a relatively firm tone, reinforcing expectations that borrowing costs will also remain on hold through at least March and April.

However, rather than restoring confidence in the currency, the decision appeared to underscore the Dollar’s current vulnerability. Investors continued to view the USD through a pessimistic lens, allowing selling pressure to resume.

Although Sterling managed to advance against the US Dollar, it failed to build similar gains versus other major currencies on Thursday.

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The Pound remained rangebound, with thin trading conditions persisting amid a continued lack of impactful UK economic releases.

GBP/USD Forecast: Fed Chair Speculation to Drive Volatility?

Looking ahead, the Pound to US Dollar exchange rate could see heightened volatility towards the end of the week if President Trump reveals his nominee to succeed Jerome Powell as Fed Chair.

Earlier comments from Trump suggested an announcement could come ‘soon’, alongside claims that interest rates will ‘come down a lot’ once his preferred candidate takes charge.

If no announcement materialises, attention is likely to shift to the latest US producer price index, where signs of easing factory gate inflation could apply fresh pressure to the US Dollar.

Meanwhile, in the continued absence of meaningful UK data, the Pound may struggle to develop a clear directional bias as the week draws to a close.

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29 01, 2026

Platinum price remains positive– Forecast today – 29-1-2026

By |2026-01-29T23:50:36+02:00January 29, 2026|Forex News, News|0 Comments


Copper price succeeded in activating the bullish attack by surpassing $5.9700 barrier, to begin recording clear gains by reaching $6.2300, recording extra suggested target in the previous report.

 

Note that the stability above $5.9700 level might form an important support, besides providing bullish momentum by the main indicators, these factors support resuming the bullish attack, to expect targeting new stations that might begin at $6.4100.

 

The expected trading range for today is between $6.0700 and $6.4100

 

Trend forecast: Bullish





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29 01, 2026

What next for the soaring Japanese yen?

By |2026-01-29T23:46:47+02:00January 29, 2026|Forex News, News|0 Comments

The Japanese yen has staged a strong comeback in the past few days as investors focused on its potential intervention and the latest actions by the Federal Reserve. The USD/JPY pair was trading at 153, down by 4% from its highest level this year.

Concerns about Japanese yen intervention remain

The USD/JPY exchange rate has been in focus in the past few weeks as concerns about the Japanese economy continued. It crashed last week after media reports suggested that Donald Trump’s administration was willing to help Japan intervene.

The pair then rose slightly this week after Scott Bessent announced that the US will not intervene. This is notable as Bessent is a well-known figure in the forex industry because of his role in collapsing the British pound in the early 1990s.

Market participants are concerned on whether Japan will succeed in going solo in intervening in the forex market. In a note, an analyst from CBA said:

“Without US involvement, any intervention by the Ministry of Finance  alone would be far less effective in countering downward pressure on the yen, meaning any post-intervention gains are likely to fade quickly.”

Why the Japanese yen needs intervention 

The Japanese yen has been in a freefall in the past few months, with the USD/JPY exchange rate soaring from a low of 139 in April last year to a high of 160 this year.

This performance accelerated after Sanae Takaichi became the prime minister and embraced Shinzo Abe-like policies. Her initial policy was a large stimulus program that she aimed at solving the inflation situation. She now plans more stimulus, including tax cuts if she wins the election in February.

Takaichi also took a more hawkish stance on China, a top trading partner. She vowed that her government would step in to help Taiwan if Beijing attacked, a move that infuriated Beijing.

The Japanese yen has crashed despite the ongoing divergence between the Federal Reserve and the Bank of Japan (BoJ). The BoJ has embraced a more hawkish tone and hiked interest rates to the highest level in three decades. It has hinted its willingness to continue hiking rates this year.

The Federal Reserve, on the other hand, left interest rates unchanged on Wednesday, and analysts believe that its next move will be lower. Besides, Donald Trump will soon announce the potential Jerome Powell replacement. He has maintained that the potential replacement will be one who will be willing to cut rates aggressively.

USD/JPY technical analysis

USD/JPY
USD/JPY chart | Source: TradingView 

The daily timeframe chart shows that the USD/JPY exchange rate has suffered a harsh reversal in the past few days, moving from a high of 159.40 to 153 today. It remains below the crucial support level at 154.3, its lowest level in December last year.

The pair has crashed below the 23.6% Fibonacci Retracement level. It also moved below the 50-day and 100-day Exponential Moving Averages, and is now in the process of forming a bearish flag or pennant pattern.

Therefore, the most likely scenario is where it continues falling, potentially to the 50% retracement level at 150.

The post USD/JPY forecast: What next for the soaring Japanese yen? appeared first on Invezz

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