Metals
USDJPY Technical Analysis
The 4-hour chart of USDJPY shows a strong uptrend over the past few weeks. As it has been steadily rising from a low around 146.58 in early October to its current level of 153.42. Price action shows strong green candlesticks with minor pullbacks, which is typical of a healthy, trending market. The overall trend remains bullish.
Moving averages MA(5), MA(10), and MA(30) are bullishly aligned, and are all sloping upwards. The price is consistently trading above all three moving averages. This alignment is a strong confirmation of an established uptrend.
MACD line and signal line are both above the zero line, confirming strong long-term bullish momentum. Overview of the pair is still bullish. Pullbacks to the moving averages, which are acting as dynamic support, could push prices higher.
USDJPY 1H Chart
| Resistance | 153.55 | 154.00 | 154.63 |
| Support | 152.50 | 151.91 | 151.40 |
Gold Technical Analysis
The hourly chart of gold shows consolidation following a clear downtrend in the short term.
Following the sharp decline from a high near $4,180 down to a low of approximately $3,886, price has entered a consolidation phase.
Moving averages MA(5), MA(10) and MA(30) were steeply declining but have recently begun to flatten out and converge. The price has crossed back above the shorter moving averages, and they are now challenging the 30-period moving average, which acts as current resistance. This convergence signals a loss of clear directional momentum.
MACD recently crossed above the signal line, and the pair moved from deep negative territory to near the zero line. The indicator is attempting to cross the zero line, which would confirm a shift in the overall trend.
MACD suggests short-term buying pressure, but until the price breaks clearly above the moving averages and the zero line on the MACD is crossed, the overall bearish pressure from the recent drop remains a threat.
Gold 1H Chart
| Resistance | $4,008 | $4,050 | $4,100 |
| Support | $3,915 | $3,886 | $3,818 |
Bitcoin Technical Analysis
The hourly chart of bitcoin shows a clear bearish trend in the short term. However, signs of a potential bullish reversal are appearing on price action.
Price is now testing the long term moving average MA(30). Closing above this dynamic resistance level will give a positive signal indicating a bullish reversal in the trend with the next potential resistance level at $114,000.
MACD is showing signs of bullish reversal. This compliments the bullish price action after failing to close below $108,700.
Although the current trend is bearish, signals of strength are showing in price action. As long as price holds above $108,000, the outlook reamains bullish.
Bitcoin 1H Chart
| Resistance | $112,000 | $113,600 | $114,450 |
| Support | $109,360 | $108,000 | $107,245 |
