The USD/JPY pair struggles to capitalize on its intraday bounce from the weekly low, touched earlier this Friday, trading below the 158.00 mark during the early European session. Traders now look to the closely watched US Nonfarm Payrolls (NFP) report for some impetus heading into the weekend.
EUR/JPY loses ground for the second consecutive day, trading around 176.80 during Asian hours on Friday. The technical analysis of the daily chart suggests that the currency cross is remaining within a descending channel pattern, indicating a prevailing bearish bias.
OCBC’ strategists Sim Moh Siong and Christopher Wong report that Silver has outperformed Gold, gaining nearly 5% as precious metals recovered on a softer USD and lower yields. The rebound is linked to Silver’s higher sensitivity to monetary conditions and prior positioning washout.