Key Highlights
- USD/JPY is moving higher above the 148.80 resistance zone.
- A key bullish trend line is forming with support near 148.80 on the 4-hour chart.
- EUR/USD tested 1.0500 and is currently recovering higher.
- Gold prices declined heavily below the $1,880 level.
USD/JPY Technical Analysis
The US Dollar started a decent increase from the 146.50 zone against the Japanese Yen. USD/JPY is rising and trading above the 148.80 resistance zone.
Looking at the 4-hour chart, the pair settled above the 148.80 level, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).
The pair is showing positive signs and even climbed above 149.20. A high is formed near 149.70 and is currently consolidating gains. Immediate support is near the 149.00 level. The next key support is seen near the 148.80 level.
There is also a key bullish trend line forming with support near 148.80 on the same chart. The next main support is 147.80 and the 100 simple moving average (red, 4 hours), below which it could test 147.00. Any more losses might send the pair toward the 146.50 level.
On the upside, immediate resistance is near the 149.70 level. The first major resistance is near 150.00. A close above 150.00 could start a steady increase toward 159.20.
Looking at EUR/USD, the pair extended its decline toward the 1.0500 level and is currently attempting a recovery wave.
Economic Releases
- UK GDP for Q2 2023 (Preliminary) (QoQ) – Forecast +0.2%, versus +0.2% previous.
- US Personal Income for August 2023 (MoM) – Forecast +0.4%, versus +0.2% previous.
