Key Highlights
- USD/JPY started a fresh increase above the 142.00 resistance.
- It cleared a major bearish trend line with resistance at 142.20 on the 4-hour chart.
- EUR/USD failed to extend gains above the 1.1120 resistance.
- Bitcoin climbed higher above the $61,200 and $62,000 resistance levels.
USD/JPY Technical Analysis
The US Dollar found support near the 139.60 zone against the Japanese Yen. USD/JPY started a decent upward move above the 141.20 and 142.00 resistance levels.
Looking at the 4-hour chart, the pair climbed above the 38.2% Fib retracement level of the downward move from the 147.20 swing high to the 139.58 low. There was a break above a major bearish trend line with resistance at 142.20.
The pair even spiked above the 100 simple moving average (red, 4-hour) and the 50% Fib retracement level of the downward move from the 147.20 swing high to the 139.58 low.
On the upside, the pair could face hurdles near the 144.30 level and the 200 simple moving average (green, 4-hour). A clear move above the 144.30 zone might set the pace for a move toward 145.00. Any more gains might call for a test of the 146.00 zone.
On the downside, immediate support sits near the 142.40 level, below which the pair might test 142.00. The next key support sits near the 141.20 level. Any more losses could send the pair toward the 140.00 support zone.
Looking at Bitcoin, the bulls came into action, and they were able to push the price above the $62,000 resistance zone.
Upcoming Economic Events:
- UK Retail Sales for August 2024 (YoY) – Forecast +1.4%, versus +1.4% previous.
- UK Retail Sales for August 2024 (MoM) – Forecast +0.5%, versus +0.7% previous.
- ECB’s President Lagarde speech.
