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USDJPY UPDATE: Focus on Japanese election results
All eyes are on Japanese elections where the focus is on not if but the size of an LDP election victory.
The BoJ, meanwhile, is likely to be on high alert in case of a sharp JPY sell-off even though an LDP win that returns Takaichi is widely expected (Note 6 up green daily candles in a row).
If I was the BoJ I would try to covertly engineer a buy the rumor, sell the fact reaction.
Let’s look at what levels the BoJ does not want to see trade post-election..
- 159.22 and 159.45: Recent highs that block exposing the perceived 160 line in the sand level that the Mof/BoJ do not want to see broken.
- 158.00: The pivotal/psychological level guarding the key highs.
- Watch to see if there is a gap opening where 158 will be the focus on the upside and 156.50 needing to hold on the downside to keep a bid.
- Scroll down for an election preview
USDJPY DAILY CHART
BTCUSD (BITCOIN) UPDATE
Has this battered crypto formed a bottom?
- It is hard to draw conclusions from weekend trading when the rest of global markets are closed.
- The jury, meanwhile, is out but what has changed is there are no key stops until the 59845 low.
- To make this more than a volatile retracement and build momentum, 70K+ needs to be established followed by a break of 71666
- The 6% retreat from 71666 so far finding a low at 67251 but using round numbers, 65K is a key level on the downside (above needed to keep thoughts away from the low) and 70k on the upside.
BTCUSD 4 HOUR CHART
Trump’s Ukraine peace deadline hope
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Trump’s Ukraine peace deadline hope
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Newsquawk US Market Wrap Part 1
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(Right click on any image (or chart) to open a full screen in a new tab)Newsquawk US Market Wrap Part 1
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Feb 6 (Reuters) – Wall Street jumped on Friday and the Dow Jones Industrial Average hit a record 50,000 points, while Nvidia and other chipmakers soared and Amazon tumbled after the cloud heavyweight forecast a sharp increase in spending on AI infrastructure….
…Chip stocks rallied on expectations they would benefit from increased spending on AI data centers by Amazon and Alphabet….
US30 (DJIA) DAILY CHART
AUDUSD (1HR)
AUDUSD staged a bullish rebound having just dipped on the $0.6900 level and confirming it as a key and solid support. The pair managed to recover part of its recent losses, supported by improving short-term momentum and the easing of oversold condition.
From a technical perspective, the short-term outlook has turned more constructive as AUDUSD has reclaimed and is now trading above all key EMA, easing prior downside pressure. The successful defense of the $0.6900 support zone has reinforced its importance as a base, allowing the pair to build bullish momentum with the pair now attempting to extend gains toward higher resistance levels.
Immediate resistance is around the 0.7040 – 0.7050 region, followed by a stronger resistance near 0.7090 – 0.7100, where previous highs and supply are likely to emerge
February 6 Earnings Release
(ROIV )Roivant Sciences Ltd. reported positive Phase 2 results for brepocitinib in cutaneous sarcoidosis, with a 22.3-point improvement. Shares rose 14% to $24.19 in premarket trading.
(UA) Under Armour Inc. revenues fell 5% to $1.33bn in the three months to December end, better than the 6% decline most analysts were expecting. Adjusted operating income is expected to be around $110m, at the top end of previous guidance for between $95m and $110m. UA stock jumped 9% as trading got underway.
Newsquawk US Equity Open Update
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US-Iran talks potential roadblock
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US-Iran talks potential roadblock
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U of M Consumer Sentiment headline beat, expectations dip, inflation expectations dip but 5-year inch up
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