Key Highlights
- USD/JPY declined below the 148.00 and 147.00 levels.
- It traded below a key bullish trend line with support at 148.75 on the 4-hour chart.
- EUR/USD recovered losses and climbed above 1.1620.
- GBP/USD is attempting a fresh increase above the 1.3350 resistance.
USD/JPY Technical Analysis
The US Dollar trimmed gains from the 150.90 zone against the Japanese Yen. USD/JPY declined below the 148.00 and 147.50 support levels.
Looking at the 4-hour chart, the pair even traded below a key bullish trend line with support at 148.75. There was a move below the 146.80 level, and the pair tested 146.60. A low was formed at 146.61 and the pair is now consolidating losses above the 200 simple moving average (green, 4-hour).
The pair is still below the 100 simple moving average (red, 4-hour) and faces hurdles. On the upside, the pair now faces resistance near the 148.00 level and the 100 simple moving average (red, 4-hour).
The next key resistance sits near the 148.50 level. A close above the 148.50 level could set the pace for another increase. In the stated case, the pair could rise toward the 150.00 resistance, above which the bulls could aim for a move toward 152.00.
On the downside, immediate support is near the 146.60 level. The next key support sits near 146.20. Any more losses could send the pair toward the 145.50 support zone.
Looking at EUR/USD, the pair started a recovery wave, and the bulls might soon aim for a move toward the 1.1780 level.
Upcoming Key Economic Events:
- Canada’s Net Employment Change for July 2025 – Forecast 13.5K, versus 83.1K previous.
- Canada’s Unemployment Rate for July 2025 – Forecast 7%, versus 6.9% previous.