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USD/JPY rebounds after testing 155.25 ahead of US jobs data

USD/JPY recovered above 156.5, clearing a short-term contracting triangle with resistance near 158.00, while EUR/USD faced resistance around 1.1565.

Reported · Written up by our desk · Major Pairs

USD/JPY rebounded after the U.S. dollar tested 155.25 against the Japanese yen, according to technical analysis from Action Forex.

The pair formed a base and moved into a recovery wave above the 156.50 level, surpassing the 23.6% Fibonacci retracement of the decline from 163.95 to 155.28.

On the 4-hour chart, it cleared a short-term contracting triangle with resistance at 158.00, but it remains below the 100 and 200 simple moving averages.

Action Forex also flagged resistance near 158.80 and 159.60, with a possible push higher if price closes above 159.60, while support levels were cited near 157.60, 157.25, and 156.40. For EUR/USD, it noted resistance around 1.1565 and a potential downside correction.

Latest closeEUR/USD 1.152 ▼0.3%|USD/JPY 158.52 ▲0.6%

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