Key Highlights
- USD/JPY climbed higher above the 150.50 and 151.20 resistance levels.
- A major bullish trend line is forming with support at 150.60 on the 4-hour chart.
- EUR/USD could gain bearish momentum below 1.0820.
- Crude oil prices are accelerating above the $82.50 resistance zone.
USD/JPY Technical Analysis
The US Dollar climbed further higher above the 149.20 resistance zone against the Japanese Yen. USD/JPY broke the 150.00 resistance to set the pace for more upsides.
Looking at the 4-hour chart, the pair even settled above the 150.50 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). Finally, the pair broke the 151.80 level.
A high was formed at 151.97 and the pair is now consolidating gains. On the upside, the pair could face resistance near the 151.50 level. The first major resistance is now forming near 151.80. The main resistance is now forming near 152.00.
A close above the 152.00 zone could open the doors for more upsides. The next stop for the bulls might be 153.20. If not, the pair might continue to decline. Immediate support is near the 151.00 level.
The next major support is at 150.50. There is also a major bullish trend line forming with support at 150.60 on the same chart. If there is a downside break below the 150.50 support, the pair could decline toward the 150.00 support. Any more losses might send the pair toward the 148.40 level in the near term.
Looking at Oil, the bulls are active above the $82.50 resistance level and they might soon aim for more upsides toward the $85 level.
Economic Releases
- US Personal Income for Feb 2024 (MoM) – Forecast +0.4%, versus +1% previous.
