Key Highlights
- USD/JPY started another increase above the 154.65 resistance.
- A key bullish trend line is forming with support at 155.25 on the 4-hour chart.
- Gold extended losses and traded below the $2,600 support.
- Oil is consolidating and facing hurdles near the $70.00 resistance.
USD/JPY Technical Analysis
The US Dollar started a fresh increase from the 152.35 zone against the Japanese Yen. USD/JPY cleared the 153.50 and 154.50 resistance levels to move into a positive zone.
Looking at the 4-hour chart, the pair settled above the 155.65 barrier, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). There was also a move above the 156.00 level.
The pair is now showing signs of strength and might continue to rise above 156.25. On the upside, the pair could face resistance near the 156.85 level.
The first key resistance is near the 157.50 level. A close above the 157.50 level could set the tone for another increase. The next major resistance could be 158.80, above which the price could accelerate higher toward the 160.00 resistance.
On the downside, immediate support sits near the 155.25 level. There is also a key bullish trend line forming with support at 155.25 on the same chart.
The next key support sits near the 154.65 level. Any more losses could send the pair toward the 153.80 level or even 152.50 in the near term.
Looking at Gold, the bears gained strength, and they were able to push the price below the $2,620 and $2,600 support levels.
Upcoming Economic Events:
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