Key Highlights
- USD/JPY started a fresh increase above the 156.00 resistance zone.
- A major bullish trend line is forming with support at 156.80 on the 4-hour chart.
- EUR/USD is still consolidating below the 1.0450 resistance zone.
- Bitcoin failed to regain traction and declined from $100,000.
USD/JPY Technical Analysis
The US Dollar started a fresh increase above the 155.50 and 156.00 resistance levels. USD/JPY cleared the 157.00 level to move further into a positive zone.
Looking at the 4-hour chart, the pair settled well above the 156.50 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The bulls remained in control and might aim for more gains.
On the upside, the pair could face resistance near the 158.20 level. The next major resistance is near the 158.80 level. A close above the 158.80 level could set the tone for another increase.
In the stated case, the pair could rise toward the 160.00 resistance. On the downside, immediate support sits near the 156.80 level. There is also a major bullish trend line forming with support at 156.80 on the same chart.
The next key support sits near the 155.50 level. Any more losses could send the pair toward the 154.80 level. Any more losses might send the pair toward the 154.00 level.
Looking at Bitcoin, the bulls failed to push the price above $100,000 and there was a fresh bearish reaction.
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