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USD/JPY Rebounds From Support, Upside Continuation In Play

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Aayush Jindal

Key Highlights

  • USD/JPY started a steady increase from the 152.25 support.
  • It cleared a key rising channel with resistance at 154.00 on the 4-hour chart.
  • EUR/USD is again moving lower below the 1.1800 support.
  • Bitcoin at a risk of more downside below $65,000.

USD/JPY Technical Analysis

The US Dollar formed a base above 152.25 against the Japanese Yen. USD/JPY started a fresh increase above 153.50 and 154.00.

Looking at the 4-hour chart, the pair cleared a key rising channel with resistance at 154.00. There was a move above the 50% Fib retracement level of the downward move from the 157.66 swing high to the 152.27 low.

The pair settled above the 100 simple moving average (red, 4-hour). On the upside, the pair is now facing hurdles near 155.60 and the 61.8% Fib retracement level of the downward move from the 157.66 swing high to the 152.27 low.

The next stop for the bulls might be 156.00 and the 200 simple moving average (green, 4-hour). A close above 156.00 could open the doors for more gains. In the stated case, the bulls could aim for a move to 157.50. The main resistance sits near 158.00.

Immediate support could be 154.75. The first major area for the bulls might be near 154.20. The main support sits at 153.50, below which the pair might gain bearish momentum. In the stated case, it could even revisit 152.00.

Looking at EUR/USD, the pair is again moving lower and might continue to move down if there is a close below 1.1720.

Upcoming Key Economic Events:

  • Euro Zone Manufacturing PMI for Feb 2026 (Preliminary) – Forecast 50.0, versus 49.5 previous.
  • Euro Zone Services PMI for Feb 2026 (Preliminary) – Forecast 52.0, versus 51.6 previous.
  • US Gross Domestic Product for Q4 2025 (Preliminary) – Forecast 3.0% versus previous 4.4%.
  • US S&P Global Manufacturing PMI for Feb 2026 (Preliminary) – Forecast 52.6, versus 52.4 previous.
  • US S&P Global Services PMI for Feb 2026 (Preliminary) – Forecast 53.0, versus 52.7 previous.
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