US Dollar On Tenterhooks Ahead Of US CPI, Setups On Gold, USD/JPY & GBP/USD

(MENAFN- DailyFX) Tenterhooks ahead of US CPI, Setups on Gold, USD/JPY & GBP/USD Skip to Conten News & Analysis at your fingertips.

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Change in Longs Shorts OI
Daily 18% 4% 7%
Weekly -1% 3% 2%
What does it mean for price action? Get My Guide USD/JPY FORECAST – TECHNICAL ANALYSIS

USD/JPY ticked up modestly on Monday, consolidating above technical support at 148.90. If prices extend higher in the coming days, resistance emerges around the psychological 150.00 level. Bulls may struggle to clear this barrier, but in the event of a bullish breakout, a retest of the 152.00 area is likely.

Conversely, if the pair takes a turn downward and breaches support at 148.90, selling momentum could pick up pace, setting the stage for a pullback towards 147.40. Further losses from this point onward could draw attention to the 146.00 handle, followed by 145.50, the 50-day simple moving average.


USD/JPY Chart Created Using TradingView

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Recommended by Diego Colman Get Your Free GBP Forecast Get My Guide GBP/USD FORECAST - TECHNICAL ANALYSIS

GBP/USD has staged a moderate comeback after selling off earlier in the month, reclaiming its 200-day simple moving average and consolidating above the 1.2600 handle. If cable's rebound extends over the next few trading sessions, resistance looms at 1.2675 (50-day SMA), followed by 1.2740.

On the flip side, if GBP/USD resumes its bearish reversal and dips below 1.2600, trendline support and the 200-day simple moving average appear at 1.2565. Bulls will need to defend this technical zone tooth and nail; failure to do so could usher in a move towards 1.2500.


GBP/USD Chart Created Using TradingView


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