Weekly Market Insights on USD Majors, Commodities, and Equities
- In our weekly analysis, we highlight key technical setups as we head into the week, focusing on the implications of the upcoming US CPI, RBA, ECB, BoC, and SNB decisions.
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Join us as we delve into significant technical levels concerning the US Dollar (DXY), Euro (EUR/USD), British Pound (GBP/USD), Australian Dollar (AUD/USD), Canadian Dollar (USD/CAD), Japanese Yen (USD/JPY), Swiss Franc (USD/CHF), Gold (XAU/USD), Silver (XAG/USD), Crude Oil (WTI), as well as S&P 500 (SPX500), Nasdaq (NDX), and Dow Jones (DJI). These pivotal levels will guide our analysis as the week unfolds.
USD/JPY Daily Price Analysis
Prepared by Michael Boutros, Senior Technical Strategist
The recent sell-off in USD/JPY responded to critical support levels, with the opening range for December forming just above the 148.73-149.60 range—highlighted by both the 2022 high-close and the 2023 high-week close (HWC).
Initial resistance is observed around the 151.94/99 area, aligning with both the 2022/2023 high and the 200-day moving average, alongside the 61.8% retracement of the yearly range. It is crucial that these levels are monitored as potential points of topside exhaustion. For an uptrend to be confirmed, we need a close above the November high-day close at 154.34.
Conversely, a break below the key support mentioned could invalidate the September upward trend and open the door for a significant drop towards 146.14/65, a region characterized by the 61.8% retracement of September's rally, the February low-day close, and the August low-week close. We will be watching for a notable reaction at that level if reached.
Economic Calendar - Key USD Data Releases
Economic Calendar: Stay informed on the latest economic developments and events that may impact the market.
--- Authored by Michael Boutros, Senior Technical Strategist
