The USD/JPY pair experienced a significant decline, dropping below key support levels before finding some relief near the 152.00 mark. A major bearish trend line is being formed with resistance at 155.50 on the 4-hour chart. The pair broke through the 156.50 support level, signaling a move into a bearish zone. It further dropped below the critical 155.50 support, as well as the 100 and 200 simple moving averages on the 4-hour chart. The pair found support at 152.00 after hitting a low of 151.93, followed by a recovery wave that pushed it above the 153.20 level. As the pair faces resistance at 154.20 and 155.00, it may struggle to break through the 155.50 resistance and the bearish trend line. A clear move above 155.50 could lead to further gains towards 156.20 and beyond. On the downside, immediate support is seen at 152.80, with a major support level at 152.00. A break below 152.00 could pave the way for more losses, potentially targeting the 150.50 level.
Ethereum Price Movement
Ethereum also saw bearish movements, experiencing a sharp decline below the $3,350 support zone. If the bearish sentiment persists, ETH could be heading towards the $3,020 level, indicating further downside potential in the near term.
Economic Releases Update
In terms of economic releases, the US Personal Income for June 2024 (MoM) is forecasted at +0.4%, compared to the previous reading of +0.5%. Meanwhile, the US Core Personal Consumption Expenditure for June 2024 (MoM) is expected to come in at +0.1%, in line with the previous figure of +0.1%. These economic indicators will provide valuable insight into the health of the US economy and could impact the USD/JPY pair’s movements in the coming days.
Overall, the USD/JPY pair faces significant technical challenges as it navigates key resistance and support levels. The bearish tone in the cryptocurrency market, exemplified by Ethereum’s decline, adds to the overall bearish sentiment. Traders and investors will closely monitor the economic releases to gauge the health of the US economy and its potential impact on the USD/JPY pair.