Key Highlights
- USD/JPY struggled to continue higher above 148.20 and reacted to the downside.
- A key bearish trend line is forming with resistance at 148.00 on the 4-hour chart.
- Bitcoin recovered some losses and climbed above $115,000.
- AUD/USD extended gains and traded above the 0.6620 resistance.
USD/JPY Technical Analysis
The US Dollar attempted a fresh increase above 148.00 against the Japanese Yen. However, USD/JPY failed near 148.00 and trimmed some gains.
Looking at the 4-hour chart, the pair faced rejection and declined below 148.00. There was a move below the 50% Fib retracement level of the upward move from the 146.30 swing low to the 148.16 high. The pair is now back below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
On the downside, immediate support is 147.00. The next key area of interest might be near the 76.4% Fib retracement level at 146.75. Any more losses could send the pair toward 146.20.
On the upside, the pair could face resistance near the 148.00 level. There is also a key bearish trend line forming with resistance at 148.00. The first major hurdle for the bulls could be 148.20. A close above 148.20 could set the pace for another increase.
In the stated case, the pair could rise toward 148.50, above which the bulls could aim for a move toward 149.20. Any more upsides could send the pair toward 150.00.
Looking at Bitcoin, the bulls came into action and they were able to push the price above the $115,000 resistance zone.
Upcoming Key Economic Events:
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