The USD/JPY pair has resumed its rally, breaking above the 145.00 resistance level. On the 4-hour chart, a bullish trend line is forming with support at 145.80. This indicates a positive momentum for the US Dollar against the Japanese Yen.
After forming a base above 141.65, the USD/JPY pair started a fresh increase. It broke through key resistance levels at 142.50 and 143.00, signaling a bullish trend. The pair also surpassed the 76.5% Fib retracement level from the recent swing high to low.
Currently, the pair is aiming for more gains above the 147.20 level, with the possibility of facing resistance near 147.50. A clear break above 147.50 could pave the way for further upside towards 148.00 and potentially 149.20. However, if the pair faces selling pressure, immediate support is seen at 145.80, followed by the key support at 143.65.
In contrast, the EUR/USD pair experienced a decline below the 1.1075 support level, failing to initiate a fresh increase. This suggests a bearish sentiment for the Euro against the US Dollar.
Looking ahead, traders are closely watching the upcoming US nonfarm payrolls report for September 2024. The forecast is set at 140K, slightly lower than the previous figure of 142K. Additionally, the US unemployment rate for the same period is expected to remain unchanged at 4.2%.
Overall, the USD/JPY pair is showing signs of strength, while the EUR/USD pair is facing downward pressure. Traders should keep an eye on key support and resistance levels as well as upcoming economic events to make informed trading decisions.
