Key Highlights
- USD/JPY started a fresh increase above the 144.00 resistance.
- A connecting bullish trend line is forming with support at 143.80 on the 4-hour chart.
- EUR/USD is correcting gains and might dip below the 1.1250 level.
- Bitcoin is gaining pace above the $96,200 resistance.
USD/JPY Technical Analysis
The US Dollar started a fresh increase from the 140.00 zone against the Japanese Yen. USD/JPY cleared the 141.20 and 142.00 resistance levels.
Looking at the 4-hour chart, the pair settled above the 143.20 level and the 100 simple moving average (red, 4-hour). The bulls even pushed the pair above the 50% Fib retracement level of the downward move from the 150.48 swing high to the 139.88 low.
It is now facing resistance near the 146.00 level and the 200 simple moving average (green, 4-hour). If there is a fresh increase, the pair could face resistance near the 146.20 level.
The next major resistance is near the 146.50 zone and the 61.8% Fib retracement level of the downward move from the 150.48 swing high to the 139.88 low. A close above the 146.50 level could set the tone for another increase. In the stated case, the pair could even clear the 147.20 resistance.
On the downside, immediate support sits near the 145.20 level. The next key support sits near the 144.20 level. Any more losses could send the pair toward the 143.50 level.
Looking at Bitcoin, the price remains in a positive zone and might soon aim for a move above the $97,200 resistance zone.
Upcoming Economic Events:
- US nonfarm payrolls for April 2025 – Forecast 130K, versus 228K previous.
- US Unemployment Rate for April 2025 – Forecast 4.2%, versus 4.2% previous.
