Key Highlights
- USD/JPY started a fresh increase above the 153.50 resistance zone.
- A connecting bullish trend line is forming with support at 152.20 on the 4-hour chart.
- EUR/USD is attempting a recovery wave from the 1.0700 zone.
- Bitcoin rallied to a new record high above $76,000 before it saw a consolidation phase.
USD/JPY Technical Analysis
The US Dollar started a fresh increase above the 152.50 resistance zone against the Japanese Yen. USD/JPY cleared the 153.50 level to move into a positive zone.
Looking at the 4-hour chart, the pair settled well above the 153.00 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). A high was formed at 154.71 before there was a downside correction.
The pair dipped below the 154.00 level. It broke the 23.6% Fib retracement level of the upward move from the 151.28 swing low to the 154.71 high.
On the downside, immediate support sits near the 152.60 level. The next key support sits near the 152.20 level. There is also a connecting bullish trend line forming with support at 152.20 on the same chart.
Any more losses could send the pair toward the 151.50 level. On the upside, the pair could face resistance near the 154.50 level. The first key resistance is near the 155.00 level.
A close above the 155.00 level could set the tone for another increase. The next major resistance could be 151.20, above which the price could accelerate higher toward the 152.00 resistance.
Looking at EUR/USD, the pair started a recovery wave and the bulls now aim for a move above the 1.0820 resistance.
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