Key Highlights
- USD/JPY started a fresh increase but struggled near 162.80.
- A major bullish trend line is forming with support at 161.60 on the 4-hour chart.
- Bitcoin could gain bullish momentum if it settles above $65,000.
- WTI Crude Oil prices recovered some losses before the bears appeared near $76.20.
USD/JPY Technical Analysis
The US Dollar gained bullish momentum after it settled above $160.80 against the US Dollar. USD/JPY even climbed above 162.00 before it faced rejection.
Looking at the 4-hour chart, the pair again struggled to surpass the 162.70 and 162.80 levels. It is now correcting some gains and might dip toward the 38.2% Fibonacci retracement level of the upward move from the 160.49 swing low to the 162.70 high.
If there are more losses, the pair might find support near 161.60. Besides, there is a major bullish trend line forming with support at 161.60, the 100 simple moving average (red, 4-hour), and the 50% Fibonacci retracement.
The first major support could be near 160.80 and the 200 simple moving average (green, 4-hour). A downside break and close below 160.80 might send the pair toward 160.00. Any more losses could open the doors for a test of 158.80.
On the upside, the bears might remain active near 162.80. The next major resistance might be 163.40. A close above 163.40 could spark a sharp increase. In the stated case, the bulls could aim for a move to 165.00.
Looking at Bitcoin, the price could start a fresh increase, but a close above $65,000 is important for upside continuation.
Upcoming Key Economic Events:
- USDA WASDE Report.
- Canada’s Net Employment Change for June 2026 – Forecast 10K, versus 87.8K previous.
- Canada’s Unemployment Rate for June 2026 – Forecast 6.6%, versus 6.6% previous.
