Key Take-Aways
- From the 142.25 barrier, the USD/JPY began a new fall.
- On the 4-hours chart, it traded below a significant positive trend line with support close to 141.00.
- The $1,785 barrier level is where the gold price is aiming for a new rise.
- Below the $16,000 support, the price of bitcoin can start to plummet again.
Technical Analysis of USD/JPY
When compared to the Japanese Yen, the US Dollar made another attempt to rise beyond the 140.00 mark. However, the USD/JPY pair began another fall after failing to break through the 142.25 area.
The pair fell below the 141.50 support level on the 4-hours chart. Even the support level of 140.00, the 100 simple moving average (red, 4-hours), and the 200 simple moving average were broken (green, 4-hours).
On the same chart, the pair traded below a significant bullish trend line with support close to 141.00 during the fall. The upward movement from the 137.66 swing low to 142.25 high was clearly moved below by a fall below the 61.8% Fib retracement level.
The 137.65 level serves as a first support. Under the 136.80 zone, the next significant support, below which the pair may continue to decline, is located.
In the aforementioned scenario, the 135.00 support for USD/JPY can be tested. Any more losses might push the pair closer to the 132.00 support. An immediate upward resistance is located close to the 139.40 level.
The area around 140.50 and a connected negative trend line on the same chart can be the next significant obstacle. Any further gains might lay the stage for a move in the direction of the 142.25 resistance region.
Looking at the price of gold, there was significant buying interest close to the $1,720 area, and the metal may begin to move in the direction of the $1,785 barrier.
Economic News To Trade Today
- German GDP for Q3 2022 (YoY) is expected to increase by 1.2% compared to the same period last year.
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