USD/JPY At Crossroads: Key Levels In Focus – Action Forex

Key Highlights

• USD/JPY started a fresh increase above the 151.00 resistance zone.
• It cleared a key bearish trend line with resistance at 151.20 on the 4-hour chart.
• EUR/USD failed to recover above the 1.0620 level and trimmed some gains.
• Ethereum extended gains and might stabilize above the $4,000 level.

USD/JPY Technical Analysis

The US Dollar started a fresh increase from the 148.65 zone against the Japanese Yen. USD/JPY surpassed 150.50 and 151.00 to move into a short-term positive zone.

Looking at the 4-hour chart, the pair surpassed the 38.2% Fib retracement level of the downward move from the 156.75 swing high to the 148.64 low. It cleared a key bearish trend line with resistance at 151.20.

The bulls even pushed the pair above the 100 simple moving average (red, 4-hour) but they faced hurdles near the 200 simple moving average (green, 4-hour).

The 50% Fib retracement level of the downward move from the 156.75 swing high to the 148.64 low also acted as a resistance. On the upside, the pair could face resistance near the 152.70 level.

The first major resistance is near the 153.20 level. A close above the 153.20 level could set the tone for another increase. The next major resistance could be the 154.50 level, above which the price could climb higher toward the 155.00 resistance.

On the downside, immediate support sits near the 151.00 level. The next key support sits near the 150.50 level. Any more losses could send the pair toward the 150.00 level.

Looking at EUR/USD, there was no upside break above the 1.0620 resistance and the pair might now start another decline.

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