Key Highlights
- USD/JPY started a fresh decline below the 145.50 support.
- It cleared a key bearish trend line with resistance at 144.00 on the 4-hour chart.
- EUR/USD gained pace for a move above the 1.1280 level.
- GBP/USD is eyeing a key upside break above the 1.3450 resistance.
USD/JPY Technical Analysis
The US Dollar failed to continue higher above 148.65 against the Japanese Yen. USD/JPY declined below the 146.00 and 145.50 support levels.
Looking at the 4-hour chart, the pair settled below the 145.00 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The bears even pushed the pair below the 144.00 level. A low was formed at 142.80 and the pair is now consolidating losses.
There was a break above a key bearish trend line with resistance at 144.00 on the same chart. However, the bears are active near the 144.20 level and the 200 simple moving average (green, 4-hour).
On the upside, the pair could face resistance near the 144.20 level. The next key resistance sits near the 145.00 level and the 100 simple moving average (red, 4-hour). The first major resistance sits at 145.50. A close above the 145.50 level could set the pace for another increase.
In the stated case, the pair could even clear the 146.85 resistance. The next major stop for the bulls could be near the 147.20 resistance.
On the downside, immediate support sits near the 143.20 level. The next key support sits near 142.80. Any more losses could send the pair toward the 142.00 pivot level in the near term. The main support could be near 140.00.
Looking at EUR/USD, the pair managed to avoid more losses and started a recovery wave above the 1.1280 level.
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