USD/JPY Remains Supported Above 113.00, Dollar Gains
- USD/JPY remains well supported near 113.00 and 112.75.
- It is facing a major hurdle near 114.35 on the 4-hours chart.
- EUR/USD extended decline and traded below 1.1500.
- GBP/USD traded to a new weekly low below the 1.3440 support.
USD/JPY Technical Analysis
The US Dollar found support near the 112.70 zone against the Japanese Yen. USD/JPY started a fresh increase above the 113.00 resistance zone.
Looking at the 4-hours chart, the pair settled above the 113.20 pivot level and the 200 simple moving average (green, 4-hours). There was a clear break above the 113.50 level and the 100 simple moving average (red, 4-hours).
Besides, the pair traded above the 50% Fib retracement level of the downward move from the 114.27 swing high to 112.72 low.
On the upside, an immediate resistance is near the 114.35 level. The next major resistance is near the 114.65 level. A clear break above the 114.35 and 114.65 resistance levels could open the doors for a steady increase.
An immediate support is near the 113.50 level. The main breakdown support is near the 113.00 level and the 200 simple moving average (green, 4-hours).
A close below 113.00 could open the doors for a move towards the 112.20 level. The next major support is near the 111.50 level.
Looking at EUR/USD, the pair extended decline and traded below the key 1.1500 support. Besides, GBP/USD also declined below the 1.3500 support zone.
- Euro Zone Industrial Production for Sep 2021 (MoM) - Forecast -0.5%, versus -1.6% previous.