Another week, another fresh high in the USD. DXY found resistance at the 200-dma late last week but the pullback didn’t last for long, with support showing at the top of a zone with the Fibonacci level of 103.46 holding the lows. That support held into last week’s close and through a shorter-term test upon this week’s open.
The next resistance in DXY is the 61.8% retracement of the 2024 sell-off at 104.07.
In USD/JPY, however, the 150.00 level was still holding through the US open until another breakout showed. As of the timing on the video price is at a fresh high making the prospect of chasing complicated, but I looked at a couple of shorter-term levels of interest provided that support can hold above 150.00.
For resistance, there’s a Fibonacci level at 150.77 which is the 50% mark of the July-September sell-off, the 200-dma is around 151.30 and then the 151.95 level that marked the highs for each of the past two years.
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