Key Highlights
- USD/JPY struggled to continue higher above the 150.15 level.
- A connecting bearish trend line is forming with resistance at 150.00 on the 4-hour chart.
- GBP/USD could gain pace for a move above the 1.3000 resistance.
- Gold surged to another record high above the $3,040 zone.
USD/JPY Technical Analysis
The US Dollar declined heavily below the 152.00 level against the Swiss Franc. USD/JPY even spiked toward 146.50 before it found some support.
Looking at the 4-hour chart, the pair recovered some losses and traded above the 148.50 level. However, the bears were active near the 150.00 zone. A high was formed at 150.15 and the pair corrected lower.
There is also a connecting bearish trend line forming with resistance at 150.00 on the same chart. The pair remained below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
On the upside, the pair is facing resistance near the 149.20 level. The next major resistance is near the 149.50 level. The main resistance is now forming near the 150.00 zone.
A close above the 150.00 level could set the tone for another increase. In the stated case, the pair could even clear the 151.20 resistance.
On the downside, immediate support sits near the 148.00 level. The next key support sits near the 147.40 level. Any more losses could send the pair toward the 146.50 level.
Looking at GBP/USD, the pair remains supported and might aim for a move above the 1.3000 resistance zone.
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