Key Highlights
- USD/JPY started a decent upward wave above 158.50.
- It faces key hurdles near 159.20 and 159.50 on the 4-hour chart.
- EUR/USD could extend gains if it settles above the 1.1720 resistance.
- Gold could aim for a fresh increase above $4,850.
USD/JPY Technical Analysis
The US Dollar found support at 157.85 and started a fresh increase against the Japanese Yen. USD/JPY traded above 158.40 to enter a positive zone.
Looking at the 4-hour chart, the pair settled above the 158.50 level and the 200 simple moving average (green, 4-hour). There was a clear move above the 50% Fib retracement level of the downward move from the 160.03 swing high to the 157.88 low.
However, a previous bullish trend line acted as a resistance at 159.10. The first major resistance sits at 159.20, the 100 simple moving average (red, 4-hour), and the 61.8% Fib retracement level of the downward move from the 160.03 swing high to the 157.88 low.
The main resistance could be 159.50. A close above 159.50 could open the doors for gains above 160.00. In the stated case, the bulls could aim for a move to 161.20.
Immediate support is seen near 158.65. The first key support sits at 158.40 and the 200 simple moving average (green, 4-hour). The next key area of interest might be near 158.00. A close below 158.00 might call for heavy losses. In the stated case, it could even revisit 156.50.
Looking at Gold, the price is stable above $4,650, and the bulls could soon aim for a move above the $4,850 resistance.
Upcoming Key Economic Events:
- US Consumer Price Index for March 2026 (MoM) – Forecast +0.9%, versus +0.3% previous.
- US Consumer Price Index for March 2026 (YoY) – Forecast +3.3%, versus +2.4% previous.
- US Consumer Price Index Ex Food & Energy for March 2026 (YoY) – Forecast +2.7%, versus +2.5% previous.
