Key Highlights
- USD/JPY started a fresh increase above the 149.20 resistance.
- A key bullish trend line is forming with support at 150.00 on the 4-hour chart.
- EUR/USD tested the 1.0740 level and started a consolidation phase.
- GBP/USD could make another attempt to clear 1.3000.
USD/JPY Technical Analysis
The US Dollar started a fresh increase above 148.80 against the Japanese Yen. USD/JPY even cleared the 150.00 resistance zone to enter a positive zone.
Looking at the 4-hour chart, the pair settled above the 150.00 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The pair remains supported and aims for more gains above 151.20.
On the upside, the pair is facing resistance near the 151.50 level. The next major resistance is near the 152.00 level. The main resistance is now forming near the 152.50 zone.
A close above the 152.50 level could set the tone for another increase. In the stated case, the pair could even clear the 153.20 resistance.
On the downside, immediate support sits near the 150.20 level. The next key support sits near the 150.00 level. There is also a key bullish trend line forming with support at 150.00 on the same chart. Any more losses could send the pair toward the 149.20 level.
Looking at EUR/USD, the pair corrected gains, tested 1.0740, and might struggle to start a recovery wave above the 1.0850 resistance.
Upcoming Economic Events:
- US Personal Income for Feb 2025 (MoM) – Forecast +0.4%, versus +0.9% previous.
- US Core Personal Consumption Expenditure for Feb 2025 (MoM) – Forecast +0.3%, versus +0.3% previous.
