Key Highlights
- USD/JPY started a fresh decline below the 144.50 support level.
- It traded below a bullish trend line with support at 144.85 on the 4-hour chart.
- EUR/USD extended gains and traded above the 1.1550 resistance.
- GBP/USD is now consolidating gains near the 1.3600 zone.
USD/JPY Technical Analysis
The US Dollar started a fresh decline from the 145.50 zone against the Japanese Yen. USD/JPY traded below the 144.50 and 144.20 support levels.
Looking at the 4-hour chart, the pair settled below the 144.20 level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). Besides, it traded below a bullish trend line with support at 144.85.
The pair tested the 142.80 zone and is currently consolidating losses. On the downside, immediate support is near the 142.80 level. The next key support sits near 142.20.
Any more losses could send the pair toward the 141.20 pivot level. The main support could be near 140.00. On the upside, the pair could face resistance near the 143.40 level. The next key resistance sits near the 144.20 level.
The first major resistance sits at 144.50. A close above the 144.50 level could set the pace for another increase. In the stated case, the pair could even clear the 145.50 resistance. The next major stop for the bulls could be near the 146.20 resistance.
Looking at EUR/USD, the pair started another increase, and the bulls seem were able to clear the 1.1550 level.
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