FxAnalysis

After falling strongly yesterday, the price continues to look weak despite trading very close to a recent strongly bullish inflection point.

The USD/JPY pair extends its strong move up for the second straight day on Wednesday and spikes to a fresh one-month peak during the first half of the European session.

EUR/USD remained under heavy bearish pressure and lost more than 0.5% on Tuesday. After coming within a touching distance of 1.1600, the pair found support and was last seen trading marginally higher on the day near 1.1650.

Gold is sitting at the highest level on record near $3,550 early Wednesday, bracing for the upcoming US labor data for fresh trading impetus.

The Euro (EUR) gave back part of its recent recovery on turnaround Tuesday, with EUR/USD slipping toward the 1.1600 neighbourhood, hitting its lowest level in four days.

Gold prices soared, with XAU/USD surpassing the $3,500 mark for the first time early on Tuesday, as investors seek safety ahead of United States (US) data releases.