Key Highlights
- USD/JPY rallied above the 120.00 resistance zone.
- A connecting bullish trend line is forming with support near 121.00 on the 4-hours chart.
- EUR/USD is now trading well below 1.1120, and GBP/USD faced sellers near 1.3300.
- Oil price is struggling to clear the $120.00 resistance zone.
USD/JPY Technical Analysis
The US Dollar remained in a strong uptrend above the 115.00 level against the Japanese Yen. USD/JPY even broke the 118.00 resistance to move further into a positive zone.
Looking at the 4-hours chart, the pair gained pace and cleared the 120.00 level. There was also a close above the 120.00 level, the 100 simple moving average (red, 4-hours), and the 200 simple moving average (green, 4-hours).
It even spiked above 122.000. An immediate resistance is near the 122.00 level. The main resistance sits near the 122.50 level. A clear move above the 122.50 zone could set the pace for a move towards 125.00.
If there is a downside correction, the pair might find support near the 121.20 level. Besides, there is a connecting bullish trend line forming with support near 121.00 on the same chart.
The next key support is near the 120.80 level. A downside break below the 120.80 support might start a steady decline. In this case, the pair could decline towards the 119.40 support zone.
Fundamentally, the US Manufacturing Purchasing Managers Index (PMI) for March 2022 (Prelim) was released yesterday by the Markit Economics. The market was looking for a decline from 57.3 to 56.3.
The actual result was better than the market forecast, as the US Manufacturing Purchasing Managers Index increased from 56.3 to 58.5.
Looking at EUR/USD, the pair struggled to clear the 1.1080 and 1.1100 resistance levels. Besides, GBP/USD failed to gain strength for a move above the 1.3300 resistance.
Economic Releases
- German IFO Business Climate Index for Feb 2022 – Forecast 94.2, versus 98.9 previous.
- US Pending Home Sales for Feb 2022 (MoM) – Forecast +1.5%, versus -5.7% previous.
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