Key Highlights

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• USD/JPY started a fresh surge above the 154.00 resistance.
• A key bullish trend line is forming with support at 154.50 on the 4-hour chart.
• EUR/USD tumbled toward 1.0350 before correcting some losses.
• AUD/USD and NZD/USD accelerated losses.

USD/JPY Technical Analysis

The US Dollar formed a base above 152.00 against the Japanese Yen. USD/JPY started a fresh surge above the 153.20 and 154.00 levels.

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Looking at the 4-hour chart, the pair gained strength above the 154.20 resistance, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). It even cleared the 76.4% Fib retracement level of the downward move from the 155.88 swing high to the 148.79 low.

The bulls pushed the pair to a new monthly high above 156.50. On the upside, the pair could face resistance near the 157.40 level. The next major resistance is near the 158.00 level.

A close above the 158.00 level could set the tone for another increase. The next major resistance could be the 159.20 level, above which the price could climb higher toward the 160.00 resistance.

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On the downside, immediate support sits near the 155.80 level. The next key support sits near the 155.00 level. Any more losses could send the pair toward the 154.50 level. There is also a key bullish trend line forming with support at 154.50 on the same chart.

Looking at EUR/USD, the pair declined heavily below the 1.0420 support zone before the bulls appeared near the 1.0350 zone.

Upcoming Economic Events:

US Personal Income for Nov 2024 (MoM) – Forecast +0.4%, versus +0.6% previous.
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