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USD/JPY Regains Bullish Momentum Above 137.50

Aayush Jindal

Aayush Jindal

Key Highlights

  • USD/JPY started a fresh increase above the 137.00 resistance.
  • It broke many hurdles near 137.50 and 13780 on the 4-hour chart.
  • EUR/USD turned red and declined below 1.0800.
  • Gold price struggled to stay above the key $1,975 support zone.

 

USD/JPY Technical Analysis

The US Dollar started a decent increase from the 133.50 support zone against the Japanese Yen. USD/JPY climbed above the 136.00 and 137.00 resistance levels.

Looking at the 4-hour chart, the pair settled well above the 137.00 level, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).

There was a clear move above the 137.80 resistance zone and the last swing high at 137.77. If the bulls remain in action, the pair could rise toward the 138.80 level. The next major resistance is near 139.20, above which the pair could rise toward the 140.00 level.

On the downside, the pair might find bids near 137.50. The next major support is near the 137.20 level. If there is a downside break below the 137.20 level, the pair could test the 136.50 support level. The next major support sits near the 136.00 level.

Looking at EUR/USD, the pair gained bearish momentum and traded below the 1.0800 level. If the bears remain in action, the pair could test 1.0680.

Economic Releases

  • Canadian Retail Sales for March 2023 (MoM) – Forecast -1.4%, versus -0.2% previous.