Key Highlights
- USD/JPY started a major decline from the 150.50 resistance zone.
- It traded below a key bullish trend line with support at 149.20 on the 4-hour chart.
- EUR/USD surged above the 1.1000 resistance zone.
- Gold prices corrected gains and traded below the $3,100 level.
USD/JPY Technical Analysis
The US Dollar faced a strong rejection near 150.50 against the Japanese Yen. USD/JPY started a major decline below the 149.50 and 148.80 levels.
Looking at the 4-hour chart, the pair settled below the 148.50 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). It traded below a key bullish trend line with support at 149.20.
The pair even tested the 145.50 support. If there is a recovery wave, the pair could face resistance near the 146.65 level. The next major resistance is near the 147.20 level.
The main resistance is now forming near the 148.00 zone. A close above the 148.00 level could set the tone for another increase. In the stated case, the pair could even clear the 148.50 resistance.
On the downside, immediate support sits near the 145.50 level. The next key support sits near the 145.00 level. Any more losses could send the pair toward the 144.20 level.
Looking at Gold, the price started a sharp downside correction and there was a clear move below the $3,100 level.
Upcoming Economic Events:
- US nonfarm payrolls for March 2025 – Forecast 140K, versus 151K previous.
- US Unemployment Rate for March 2025 – Forecast 4.1%, versus 4.1% previous.
