USD/JPY eyes consolidation near 146.00; monitoring US rates

USD/JPY consolidation near 146.00

In the financial world, USD/JPY looks positive, holding above the crucial 144.00 support level. However, it faces a strong challenge with notable resistance around 145.00 and 145.40, as seen on the 4-hour chart. In the precious metals market, gold is hitting a path near $1,665, and oil is chasing barriers in the $84.40 to $85.00 range. In the economy, the second quarter (QoQ) of 2022 shows a 0.1% contraction in UK GDP.

Taking a closer look at the USD/JPY technical sector, the U.S. dollar appears to be stronger. the dollar is strong, breaking through the 142.50 level and rising to 143.00 and the 100 simple moving average on the 4-hour chart. The pair holds an easy 200 above 140.00. Resistance at 145.00, 145.40, and 145.90 could be a potential breakthrough. A move beyond 145.90 could push the pair to 146.50 and further to 148.00 resistance.

However, it is important to support economies during their booms and busts. Initial support will be at 144.00, followed by the critical 143.60 level, protected by a watchful 100 simple moving average. If things turn lower below 143.60, the pair could test 142.50, with the following important support at 141.20, possibly extended to the 140.00 support area

Focusing on oil, $84.40 to $85.00, faces a challenge. There could be a drop to $75.00 if there is no improvement.

Looking ahead, economic releases such as UK GDP (QoQ) for Q2 2022, German unemployment rate for September 2022, Eurozone unemployment rate for August are expected in 2022, US Personal Income (MoM) due in August 2022, each carrying its expectations and… force effects based on past data.

Read also: Deflation Signals Weaken China’s Yuan to 3-Week Low

Daniel Martin
Daniel Martin is a highly accomplished forex trader from the United States. He has over 15 years of experience, and has gained a reputation for his exceptional insights and consistent profitability in the foreign exchange market. Born and brought up in New York, Daniel holds a degree in Economics and has a deep understanding of market dynamics. He is known for his disciplined approach, ability to interpret market patterns, and expertise in various trading strategies. Daniel actively shares his knowledge through articles, webinars, and seminars, and is committed to promoting ethical trading practices. With his passion and extensive experience, he continues to guide individuals towards financial success in the dynamic world of forex trading.