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USD/JPY Accelerates Higher, 150 Presents Resistance

Key Highlights

  • USD/JPY started a fresh increase from the 146.00 support zone.
  • It broke a key bullish flag with resistance at 147.80 on the 4-hour chart.
  • EUR/USD is consolidating losses below the 1.0800 resistance zone.
  • Bitcoin price climbed above the $43,500 and $44,000 resistance levels.

 

USD/JPY Technical Analysis

The US Dollar formed a base above the 146.00 level against the Japanese Yen. USD/JPY started another increase and broke many hurdles near 147.50.

Looking at the 4-hour chart, the pair broke a key bullish flag with resistance at 147.80 to start another surge. There was a close above the 148.00 level, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).

The bulls even pumped the pair above the 148.80 and 149.20 levels. It tested the 1.236 Fib extension level of the downside correction from the 148.80 swing high to the 145.89 low.

On the upside, the bulls are facing hurdles near the 149.80 level. The next key resistance is near the 150.00 level. A close above the 150.00 zone could open the doors for more upsides. The next stop for the bulls might be 151.20. Any more gains might send USD/JPY toward the 152.50 level.

Immediate support is near the 149.00 level. The first major support sits near the 148.80 level. The next major support sits at 148.00, below which the pair might gain bearish momentum. In the stated case, the pair could even revisit the 146.00 support level.

Looking at Bitcoin, there was a strong increase above the $43,500 resistance zone and there could be more upsides in the coming sessions.

Economic Releases

  • Canada’s employment Change for Jan 2023 – Forecast 15K, versus 0.1K previous.
  • Canada’s Unemployment Rate for Jan 2023 - Forecast 5.9%, versus 5.8% previous.