This article examines the near-term technical outlook for gold and USD/JPY, analyzing recent price action dynamics and market sentiment to gain insight into the next big directional move.
Focusing on price action analysis, trendline support at $2,320 could bring stability to the market and prevent the recent pullback from gaining momentum. However, a breach of this technical indicator could encourage the bears to launch an attack on $2,295. Continued losses from this point forward could pave the way for a retrenchment towards $2,260, the 38.2% Fib retracement of this year’s rally.
In case of a bullish rebound from current levels, resistance can be spotted at $2,355, followed by $2,395, which corresponds to a key trendline extended off the all-time high. Overcoming this barrier may prove challenging for bulls, but if a breakout emerges, a move toward $2,420 is conceivable, followed by a potential retest of last week's record.
In the event of USD/JPY continuing in a downward trajectory in the near term, support is seen at 154.65, followed by 153.20. On further weakness, all eyes will be on 152.00 mark, located slightly above the 50-day simple moving average. Further down, channel support emerges at 150.90. On the flip side, if bulls regain control and spark a decisive breach of 157.00, a retest of the 160.00 level could be in the cards.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US Jobs Report Preview: Market Impact Analysis; Setups on USD/JPY, Gold PricesThe March U.S. employment report will provide valuable information on the health of the U.S. economy and may guide the Fed’s next move in terms of monetary policy.
Read more »
USD/JPY Outlook: Hot US Inflation Propels USD/JPY to Worrying LevelsJapanese finance officials issued a further warning centered around the volatility of recent yen weakness, explicitly mentioning USD/JPY levels currently in play
Read more »
Gold prices are high: How to find the best gold prices right nowWith gold prices teetering on the edge of $2,400, here's how you can find the best price available now.
Read more »
Markets Week Ahead: FOMC, Apple, Amazon, USD/JPY, Gold, and USD OutlooksRisk markets pushed higher over the week, spurred on by a lull in Israel/Iran hostilities. Next week the FOMC and tech heavyweights Amazon and Apple will dominate risk sentiment.
Read more »
Markets Week Ahead: Gold, EUR/USD, USD/JPY - BoJ, US GDP, Core PCE, Big Tech EarningsThe upcoming week brings the Bank of Japan’s monetary policy decision and a flurry of high-impact economic data and earnings, setting the stage for potential volatility in financial markets.
Read more »
Gold prices are surging: Where to buy 1-ounce gold bars nowGold's price has been climbing rapidly. If you want to buy in, here's where you can find 1-ounce gold bars.
Read more »