
USD/JPY faces rejection at 0.5 Arc – Potential decline toward 158.66
USD/JPY faces rejection at 0.5 Arc – Potential decline toward 158.66
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USD/JPY faces rejection at 0.5 Arc – Potential decline toward 158.66

The Euro managed to hit a few pips above the resistance of 1.1560 which could lead to another advance. As we see from the chart, prices face support around 1.1470-80 while as long as the market holds above it, the advance may could continue towards 1.1685 and above.

Gold managed to drop towards the support at the 4300-10 zone. Prices rebounded so far and the chart shows the chance for a trading zone, before expanding the drop scenario toward 4200-20 in the coming trading weeks.

We still hold our previous projection for GBPUSD. As we see over the daily chart, a possible triangle formation could hold the market inside the 1.3140-80 support and 1.3505-55 resistance.

The Yen gave back some of its recent advance that was triggered by US and Japanese intervention. The pair printed above the 158.05 resistance which indicated a wider range for rebound towards the 160.85 resistance.

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There are no fresh developments on the US-Iran conflict, with the Strait of Hormuz still in de facto closure after Iran threatened more ships again - this time being UAE oil vessels.

Silver stalled below $66.80 as a firm dollar capped gains from softer CPI, PPI and lower September rate-hike odds.

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EUR/USD stood at 1.1537 on Friday, with markets continuing to digest incoming economic data. Soft US inflation figures have reduced expectations of a Federal Reserve rate hike in September.