- USD/JPY started a major increase above the 114.00 level.
- A crucial rising channel is forming with support near 114.50 on the 4-hours chart.
- EUR/USD is stable near 1.1200, and GBP/USD is struggling to stay above 1.3300.
- Gold price started a downside correction and traded below $1,800.
USD/JPY Technical Analysis
The US Dollar started a major increase from the 112.80 zone against the Japanese Yen. USD/JPY gained pace after it broke the 113.50 resistance zone.
Looking at the 4-hours chart, the pair even broke the 114.00 resistance zone. There was a clear break above 114.50, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).
The pair even spiked above the 115.00 level and traded to a new monthly high at 115.52. It is now correcting lower below the 115.00 level.
There was a break below the 23.6% Fib retracement level of the upward move from the 113.58 swing low to 115.52 high. The next major support is near the 114.50 level. There is also a crucial rising channel forming with support near 114.50 on the same chart.
The channel support is near the 50% Fib retracement level of the upward move from the 113.58 swing low to 115.52 high. Any more downsides might lead the price towards the 114.00 level.
On the upside, the pair is facing hurdles near 115.50. The next major resistance is near 116.20, above which the pair could rise towards the 116.80 and 117.20 levels.
Besides, EUR/USD tested the 1.1200 zone, and it is now consolidating losses. Similarly, GBP/USD is stable near the key 1.3300 support zone.
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