The USD/JPY pair is currently eyeing an upside break above the 156.40 resistance level. It has formed a base and initiated a fresh increase, surpassing key resistance levels at 155.80 and 156.00. However, bears are currently active near the 100 simple moving average on the 4-hour chart, leading to consolidation near the 200 simple moving average. The immediate support for the pair is at 155.20, with the next major support zone located near 155.00. A break below 155.00 could signal a larger decline towards the 154.20 level. On the upside, the first major resistance is at 155.40, followed by a significant bearish trend line resistance at 156.60. A clear move above 155.60 could propel the pair towards the 157.20 level, with further gains possibly leading to a move towards 158.00 in the near term.
EUR/USD Technical Analysis
Meanwhile, the EUR/USD pair is showing bullish signs as it gains pace above the 1.0880 resistance level. The bulls are likely to aim for a move towards the 1.0950 level in the near future, indicating a potential uptrend for the pair. The technical indicators suggest a positive momentum for the EUR/USD pair, with a possible breakout above key resistance levels in the coming trading sessions.
Market Outlook and Economic Releases
In terms of economic releases, the US nonfarm payrolls for May 2024 are forecasted at 185K, compared to 175K in the previous report. Additionally, the US Unemployment Rate for May 2024 is expected to remain steady at 3.9%, in line with the previous month’s figure. These economic indicators could have a significant impact on the USD/JPY and EUR/USD pairs, influencing investor sentiment and market trends.
Overall, the technical analysis suggests a potential bullish trend for both the USD/JPY and EUR/USD pairs in the near term. Traders and investors should closely monitor key resistance and support levels, as well as upcoming economic releases, to make informed trading decisions in the forex market.