Key Highlights
- USD/JPY started another increase and cleared the 152.50 resistance.
- A key bullish trend line is forming with support at 152.70 on the 4-hour chart.
- EUR/USD and GBP/USD gained bearish momentum.
- Gold prices surged further above the $2,380 level.
USD/JPY Technical Analysis
The US Dollar remained well-bid above the 150.00 level against the Japanese Yen. USD/JPY formed a base and started another increase above 151.20.
Looking at the 4-hour chart, the pair settled above the 152.00 resistance, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). There was also a clear move above the 152.50 resistance.
The pair traded to a new yearly high at 153.31 and currently consolidating gains. Immediate support is near the 152.75 level. There is also a key bullish trend line forming with support at 152.70 on the same chart.
The next major support is at 152.00. If there is a downside break below the 152.00 support, the pair could decline toward the 151.65 support. Any more losses might send the pair toward the 150.20 level in the near term.
On the upside, the pair is facing hurdles near 153.30. The first key resistance is near the 153.50 zone. A clear move above the 153.50 resistance could send the pair further higher. In the stated case, USD/JPY could rise toward the 155.00 level.
Looking at Gold, the price started another increase and broke the $2,380 resistance. It might soon test the $2,400 level.
Economic Releases
- US Import Price Index for March 2024 (MoM) – Forecast +0.3%, versus +0.3% previous.
- US Export Price Index for March 2024 (MoM) – Forecast +0.3%, versus +0.8% previous.
