USD/JPY Remains In Major Uptrend Above 113.00
- USD/JPY started a steady increase above the 112.50 resistance zone.
- A key bullish trend line is forming with support near 112.60 on the 4-hours chart.
- EUR/USD failed to clear the main 1.1650 resistance zone.
- The US Retail Sales could decline 0.2% in Sep 2021 (MoM).
USD/JPY Technical Analysis
The US Dollar started a major increase above the 112.00 against the Japanese Yen. USD/JPY broke many hurdles near 112.50 and 112.80 to move into a positive zone.
Looking at the 4-hours chart, the pair even surpassed the 113.00 level. The pair even settled above the 113.00 level, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).
The pair tested the 113.80 and started consolidating gains. An immediate support is near the 113.20 level. The next major support is near 113.00. There is also a key bullish trend line forming with support near 112.60 on the same chart.
Any more losses below the trend line support may possibly lead the pair towards the 112.20 level. The next major support sits near the 112.00 level.
An immediate resistance on the upside is near the 113.80 level. The first major resistance is near the 114.00 level, above which the pair could rise towards the 115.00 level in the near term.
Looking at EUR/USD, the pair attempted a steady recovery, but the bulls are facing a major hurdle near the 1.1650 level.
- US Retail Sales for Sep 2021 (MoM) – Forecast -0.2%, versus +0.7% previous.
- Michigan Consumer Sentiment Index for Oct 2021 (Prelim) – Forecast 73.1, versus 72.8 previous.