Key Highlights
- USD/JPY is eyeing a fresh increase above the 150.80 resistance.
- A connecting bullish trend line is forming with support at 150.00 on the 4-hour chart.
- Gold is still facing resistance near the $2,040 zone.
- Bitcoin price could start a downside correction if it trades below $50,000.
USD/JPY Technical Analysis
The US Dollar found support near 149.50 against the Japanese Yen. USD/JPY formed a base and started a fresh increase above the 150.00 resistance.
Looking at the 4-hour chart, the pair traded above the 50% Fib retracement level of the downward move from the 150.88 swing high to the 149.52 low. It is also well above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
Besides, there is a connecting bullish trend line forming with support at 150.00 on the same chart. On the upside, the pair is facing resistance near the 150.80 level.
A close above the 150.80 zone could open the doors for more upsides. The next stop for the bulls might be 152.00. Any more gains might send USD/JPY toward 153.20.
Immediate support is near the 150.20 level. The first major support sits near the 150.00 level and the trend line. The next major support sits at 149.50, below which the pair might gain bearish momentum. In the stated case, the pair could even visit the 148.40 support level.
Looking at Bitcoin, the price is still consolidating gains above the $50,000 level and might start a downside correction.
Economic Releases
- Fed Monetary Policy Report.
