Key Highlights
- USD/JPY is consolidating losses above the 148.65 support zone.
- A key bearish trend line is forming with resistance at 151.40 on the 4-hour chart.
- EUR/USD could recover if it clears the 1.0620 resistance zone.
- Bitcoin breached the milestone level of $100,000 and traded to a new all-time high.
USD/JPY Technical Analysis
The US Dollar formed a base and recently started a recovery wave from 148.65 against the Japanese Yen. However, USD/JPY faces many hurdles as it approaches the US NFP report.
Looking at the 4-hour chart, the pair surpassed the 23.6% Fib retracement level of the downward move from the 155.88 swing high to the 148.64 low. The pair recovered above the 150.00 resistance level, but it faces many hurdles and remains well below the 100 simple moving average (red, 4-hour).
On the upside, the pair could face resistance near the 151.50 level. There is also a key bearish trend line forming with resistance at 151.40. The first major resistance is near the 152.20 level.
A close above the 152.50 level could set the tone for another increase. The next major resistance could be the 200 simple moving average (green, 4-hour) at 153.10, above which the price could climb higher toward the 154.00 resistance.
On the downside, immediate support sits near the 149.50 level. The next key support sits near the 148.65 level. Any more losses could send the pair toward the 146.50 level.
Looking at Bitcoin, the bulls pumped the price above the $100,000 resistance zone and the price traded to a new record high above $104,000 on TitanFX.
Upcoming Economic Events:
- Euro Zone Gross Domestic Product for Q3 2024 (QoQ) – Forecast 0.2%, versus 0.2% previous.
- Euro Zone Gross Domestic Product for Q3 2024 (YoY) – Forecast 0.9%, versus 0.9% previous.
- US nonfarm payrolls April 2024 – Forecast 200K, versus 12K previous.
- US Unemployment Rate for Nov 2024 – Forecast 4.2%, versus 4.1% previous.
