The latest ForexLive Asia-Pacific FX news wrap focuses on the USD/JPY pair, which has experienced an upward surge, surpassing the 145.50 mark. Here’s a summary of the key highlights and factors influencing the forex market in the Asia-Pacific region
A closer look at the 4-hour chart reveals the pair’s positive trajectory. It successfully breached the 143.00 level and the 100 simple moving average, indicating a bullish trend. The pair also surpassed the 50% Fib retracement level from its previous downward move.
While the pair faces a significant resistance zone near 145.00, it is particularly challenged by barriers at 145.40. The primary resistance stands at 145.90, and a decisive move above this level could propel the pair toward 146.50 and potentially the 148.00 resistance.
On the downside, initial support rests at 144.00, with a more critical support level at 143.60. If the pair experiences a downward break below 143.60, it might target the 142.50 level, followed by major support at 141.20.
In addition to forex movements, challenges persist in the commodities market. Both gold and oil are encountering hurdles, with gold facing resistance near $1,665, and oil struggling with a key obstacle around $85.00. The resolution of these barriers will significantly influence market sentiment.
Overall Market Sentiment
The Asia-Pacific market is witnessing an active session, with the USD/JPY pair taking centre stage. Traders closely monitor technical levels, key resistance points, and economic indicators to gauge market sentiment and potential trading opportunities.
Read Also:- Rupee Strengthens to 83.37 Against USD
