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Aayush Jindal

Key Highlights

  • USD/JPY rallied further above the 155.00 resistance.
  • A major bullish trend line is forming with support at 155.20 on the 4-hour chart.
  • EUR/USD is struggling to clear the 1.0750 resistance zone.
  • Crude oil prices could decline and revisit the $81.00 level.

USD/JPY Technical Analysis

The US Dollar remained in a strong uptrend above 152.00 against the Japanese Yen. USD/JPY extended its increase above 155.00 and traded to a new multi-decade high.

Looking at the 4-hour chart, the pair traded above 155.50 and settled well above the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour). The pair seems to be consolidating gains above the 23.6% Fib retracement level of the upward move from the 153.59 swing low to the 155.74 high.

Immediate resistance is near the 155.75 level. The first key resistance is near the 156.00 zone. A clear move above the 156.00 resistance could send the pair further higher. In the stated case, USD/JPY bulls could even aim for a move toward 157.50.

Immediate support is near the 155.20 level. There is also a major bullish trend line forming with support at 155.20 on the same chart.

The next major support is at 154.90. If there is a downside break below the 154.90 support, the pair might test 154.00. The main support is now forming at 153.50. Any more losses might send the pair toward 152.00.

Looking at Oil, the price extended losses and it seems like the bears could aim for a move toward the $81.00 level in the near term.

Economic Releases

  • US Personal Income for March 2024 (MoM) - Forecast +0.5%, versus +0.3% previous.
  • US Personal Spending for March 2024 (MoM) - Forecast +0.6%, versus +0.8% previous.