- USD/JPY is consolidating gains above the 149.40 support.
- A key rising channel is forming with support near 149.20 on the 4-hour chart.
- Gold prices are showing bullish signs and might rise further toward $2,000.
- Israeli PM Benjamin Netanyahu stated on the ongoing conflict “It'll be a long war”.
USD/JPY Technical Analysis
The US Dollar remained strong above the 148.50 resistance against the Japanese Yen. USD/JPY is consolidating, and the bulls might aim for more gains above 150.00 amid the Israel-Hamas war and border concerns.
Looking at the 4-hour chart, the pair remained well-bid above the 149.00 pivot level. The pair settled well above the 149.00 level, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).
If there is a downside correction, the pair might find bids near 149.50. It is close to the 50% Fib retracement level of the upward move from the 148.79 swing low to the 149.93 high.
The next key support is seen near the 149.20 level. There is also a key rising channel forming with support near 149.20, below which it could test 148.50. Any more losses might send the pair toward the 148.00 level.
On the upside, the pair might struggle to clear the 150.00 resistance. A close above the 150.00 level might send the pair toward the 151.20 level. The next key resistance is near 152.00, above which the pair could rise toward the 153.50 level.
Looking at gold prices, there was a strong increase above the $1,950 level and the current price action suggests high chances of more gains toward $2,000.
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