The USD/JPY pair has seen a significant increase recently, surpassing the 152.50 resistance level. This upward movement indicates a positive trend for the US Dollar against the Japanese Yen. On the 4-hour chart, a key bullish trend line has formed with support at 152.70, showing a potential for further growth in the near future. The pair managed to break above the 152.50 resistance and even reached a new yearly high at 153.31. However, it is currently consolidating its gains, with immediate support at 152.75. In case of a downside break below the 152.00 support, the pair could decline towards the 151.65 level. On the upside, hurdles are seen near 153.30, with the first key resistance at 153.50. A clear move above this resistance could propel USD/JPY towards the 155.00 level.
Gold Prices Surge
Gold prices have also experienced a surge, climbing above the $2,380 level and potentially testing the $2,400 level soon. This increase in gold prices indicates a shift in market sentiment and could be influenced by various economic factors that are driving investors towards safe-haven assets like gold.
Economic Releases
In terms of economic releases, the US Import Price Index for March 2024 is forecasted to increase by 0.3%, while the US Export Price Index is also expected to rise by the same percentage. These indicators provide insights into the overall economic health of the United States and how it might impact currency pairs like USD/JPY in the near future.
The recent developments in the USD/JPY pair and gold prices signal potential opportunities for traders and investors to capitalize on market movements. It is crucial to keep track of key support and resistance levels, as well as economic releases, to make informed decisions in the ever-changing financial landscape.