USD/JPY Gained Above 150 Point Multi-Year High
- The USD/JPY began a sharp rise and touched the 150.0 ceiling.
- On the 4-hours chart, a significant bullish trend line is developing with support close to 148.80.
- The upside break above the resistance level of 0.9900 may be attempted by EUR/USD.
- The GBP/USD exchange rate is trending upward and may surpass 1.1400.
Technical Analysis of USD/JPY
In relation to the Japanese Yen, the US dollar strengthened over the 145.00 resistance level. To enter a more favorable area, USD/JPY even broke through the 148.00 barrier.
On the 4-hours chart, the pair has positioned itself well above the 148.00 level, the 100 simple moving average (4-hours, red), and the 200 simple moving average (green, 4-hours).
More gains were made possible as a result, and the duo tested the crucial 150.00 level. The pair reached a new multi-year high during trading, and further increases are still expected. The area around 152.00 may serve as the next significant upward resistance.
In the event of a downward correction, the pair may test the support of 148.80. On the same chart, a significant bullish trend line with support close to 148.80 is also developing.
The USD/JPY may go towards the 147.50 level if the downward breach occurs below the trend line support. If the pair continues to rise, it may eventually reach 145.00 or the 100 simple moving average (red, 4-hours).
With regard to EUR/USD, the pair is stabilizing and may soon try to make a crucial breakout to the upside above the 0.9900 resistance region.
Economic News To Trade Today
- UK Retail Sales for September 2022 (MoM) – Forecast -0.5%, down from -1.6% in the previous month.
- UK Retail Sales for Sep 2022 (YoY) Forecast -5.0% compared -5.4% in the prior period.
- Canadian retail sales for August 2022 are forecast to increase by 0.2% from the previous month’s -2.5%.
- Canadian Retail Sales excluding Autos for August 2022 (MoM) Forecast +0.4%, up from -3.1% in the prior period.
Author: Amogo Solomon
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