Key Highlights
- USD/JPY corrected some gains but found support at 159.55.
- It traded below a bullish trend line with support at 160.20 on the 4-hour chart.
- Bitcoin could start a recovery wave if it clears $64,500.
- WTI Crude Oil prices declined below the $88.50 support.
USD/JPY Technical Analysis
The US Dollar corrected some gains from 160.60 against the Japanese Yen. USD/JPY traded below 160.00 before the bulls appeared.
Looking at the 4-hour chart, the pair traded below a bullish trend line with support at 160.20. However, the bulls were active above 159.50. A low was formed at 159.56, and the pair remained stable above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
On the upside, an immediate resistance could be 160.35. The next major resistance might be 160.60. A close above 160.60 could open doors for gains.
The main hurdle for the bulls could be 161.20. If there is a close above 161.20, the pair could rise toward the 162.00 level. If there is another decline, the pair might find bids near the 160.00 level.
The first major support might be near the 100 simple moving average (red, 4-hour) at 159.60. A close below 159.60 could open the doors for a larger decline toward 158.80. Any more losses might set the pace for a test of 158.00.
Looking at Bitcoin, the bulls are currently protecting the $60,000 support, and might soon aim for a recovery wave above $65,000.
Upcoming Key Economic Events:
- Michigan Consumer Sentiment Index for June 2026 (Prelim) – Forecast 44.3, versus 44.1 previous.
