The USD/JPY pair has managed to climb higher above the 150.50 and 151.20 resistance levels, showing signs of bullish momentum. There is a major bullish trend line forming with support at 150.60 on the 4-hour chart, indicating a positive outlook for the pair in the near term. The pair has broken key resistance levels and is currently consolidating gains around the 151.50 level. The next major resistance is seen at 152.00, with potential upside targets at 153.20 if the bullish momentum continues. However, there is immediate support at 151.00 and a major support level at 150.50. A downside break below 150.50 could lead to further declines towards the 150.00 support level.
On the other hand, the EUR/USD pair is facing the risk of bearish momentum below the 1.0820 level. The pair is currently under pressure and could see more downside movement if it breaks below the key support level. Traders will be closely watching for any developments that could lead to a further decline in the pair’s value.
Crude Oil Prices Analysis
In the commodities market, crude oil prices have been accelerating above the $82.50 resistance zone, indicating strong bullish momentum. The bulls are actively pushing the prices higher and they might soon aim for more upsides towards the $85 level. This could have a significant impact on the overall market sentiment and could lead to increased volatility in the coming days.
In terms of economic releases, the US Personal Income for February 2024 is expected to show a growth of +0.4% on a month-on-month basis, compared to a +1% growth in the previous period. This data could provide important insights into the current state of the US economy and could influence market movements in the short term.
The technical analysis of key currency pairs and commodities provides valuable information for traders and investors to make informed decisions. It is essential to closely monitor the market dynamics and upcoming economic releases to anticipate potential price movements and adjust trading strategies accordingly.
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