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Welcome to Technical Tuesday, a weekly report where we highlight some of the most interesting markets that will hopefully appease technical analysts and traders alike.

In this week’s report, we are getting technical on the USD/JPY, Nasdaq, AUD/JPY, and Bitcoin. So, there is something for everyone.

• USD/JPY hits 133 on hotter CPI
• Nasdaq still in bull trend despite drop
• AUD/JPY in bull flag breakout
• Bitcoin bounces at key support

USD/JPY hits 133 on hotter CPI

January’s hotter-than-expected US jobs report and the Fed’s hawkish-leaning comments injected a shot of volatility into markets, prompting speculation that the US central bank is going to hike rates further and keep a contractionary monetary policy stance in place longer than expected. Those expectations were boosted further after US inflation came out hotter than expected earlier with the headline CPI printing 6.4% versus 6.2% expected, and core CPI coming in at 5.6% versus. 5.5% eyed. As you would expect, the US dollar initially moved higher after the US CPI release, but it then started heading lower again. However, yields continued to push higher, and this meant that the dollar would find support again after the dip. Precious metals remained under pressure as a result. The USD/JPY was pressing against resistance around 133.00 at the time of writing, a level which the bulls need to reclaim to tip the balance back in their favour.

Nasdaq still in bull trend despite drop

Following the hotter inflation print, the Nasdaq 100 fell, giving back much of the gains made in the previous session. However, the bullish trend remains intact with the index holding above some key levels and moving averages.

The bulls will want to see the index hold its own above the high of Friday’s range at 12400ish. Ideally, a close above Monday’s high at 12470ish would be even better.

AUD/JPY in bull flag breakout

The AUD/JPY is among a number of JPY pairs showing strength. The Japanese currency has come under renewed pressure this week thanks to the new BOJ governor, Kazuo Ueda, implying that the current extraordinary loose policy is not going to change much under his leadership.

The AUD/JPY broke out of a bull flag pattern on Monday. If the breakout holds, we may see the AUD/JPY drift higher towards 95.00 eventually, which is the projected level for this pattern. It will need to get past a few technical levels to get there, though. Among them, the 92.80 to 93.00 area, where the 50% retracement level meets the 200-day average.

Bitcoin bounces at key support

Bitcoin has bounced right at where the bulls needed to step in: $21.5K. This level was an important resistance level back in November, which preceded the BTC/USD’s last plunge, before the recovery. Once resistance, this level has turned into support. At least for now. The bulls will now need to hold their ground here if they want to see higher prices. Failure to do so would be rather bearish.

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Technical Tuesday: USD/JPY, GBP/USD, Silver And WTI.