USD/JPY Swedge to get to 137.00, Purchasing Manager’s Index Up Next

Major Talking Points

  • USD/JPY traded to a fresh multi-year high at 137.00.
  • A brief bullish trend line is set in with support close to 135.30 on the four hours chart.
  • EUR/USD and GBP/USD continued their losses beneath 1.0480 and 1.2150 respectively
  • The United States ISM Manufacturing might drop from 56.1 to 55.0 in June 2022.

USD/JPY Technical Analysis

USD holds firm in an uptrend skyward 135.00 against JPY. USD/JPY further traded to a fresh multi-year high at 137.00.

From the four hours chart, the pair resolved above the 135.00 zone, the 100 SMA (red, four hours0 and the 200 SMA (green, four hours).

It appears the sellers are struggling close to the 137.00 level. The pair rebounded partially and dropped from the 137.00 high. A move underneath the 136.20 support zone was noticed.

The 135.20 zone is firm support, a small bullish trend line is set in with support close to the 135.30 on the same chart. A drawback break below the 135.20 support might drive the pair further lower.

The upcoming support is just before the 134.90 level and the 100 SMA (red, four hours). Further losses could pave the way for a correction towards the 132.50 support level in a few days.

Contrarily, the pair is encountering resistance close to the 137,00 zone. The next resistance is close to the 137.20, above which the USD/JPY might surge towards the 138.00 level.

EUR/USD dropped further below the 1.0480 support, Likewise, GBP/USD smashed the 1.2150 support before the bulls’ appearance.

Today’s News

  • Germany’s manufacturing PMI for June 2022 – Forecast 52.0, versus 52.0 previous.
  • Euro Zone Manufacturing PMI for June 2022 – Forecast 52.0, versus 52.0 previous.
  • UK Manufacturing PMI for June 2022 – Forecast 53.4, versus 53.4 previous.
  • US Manufacturing PMI for June 2022 – Forecast 52.4, versus 52.4 previous.
  • US ISM Manufacturing PMI for June 2022 – Forecast 55.0, versus 56.1 previous.

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