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Aayush Jindal

Key Highlights

  • USD/JPY started a recovery wave above the 142.00 resistance.
  • It broke a major bearish trend line with resistance at 142.60 on the 4-hour chart.
  • Bitcoin price recovered losses, but it might struggle above $43,800.
  • The US nonfarm payrolls could change by 170K in Dec 2023, down from 199K.

USD/JPY Technical Analysis

The US Dollar found support near the 140.25 zone against the Japanese Yen. USD/JPY started a recovery wave above the 141.50 and 142.00 levels.

Looking at the 4-hour chart, the pair broke many hurdles near 142.00. It even surpassed a major bearish trend line with resistance at 142.60. There was a move above the 50% Fib retracement level of the downward move from the 145.00 swing high to the 140.24 low.

The pair settled above 143.50 and the 100 simple moving average (red, 4 hours). On the upside, immediate resistance is near the 145.50 level and the 200 simple moving average (green, 4 hours).

The next key resistance is near the 146.20 level. A close above the 146.20 zone could open the doors for more upsides. The next stop for the bulls might be 148.00.

If there is a fresh decline, the pair might test the 143.80 support. The next major support sits at 142.85 or the 100 simple moving average (red, 4 hours).

A downside break below the 142.85 zone could spark a sustained decline. The next major support is 141.20, below which the pair might decline and test 140.00. Any more losses might send the pair toward the 138.00 zone.

Looking at Bitcoin, the price started a recovery wave after a sharp decline and is currently struggling to settle above $43,800.

Economic Releases

  • US nonfarm payrolls for Dec 2023 – Forecast 170K, versus 199K previous.
  • US Unemployment Rate for Dec 2023 - Forecast 3.8%, versus 3.7% previous.
  • US ISM Services Index for Dec 2023 – Forecast 52.6, versus 52.7 previous.