Japanese Yen Technical Forecast: USD/JPY Weekly Trade Levels

• USD/JPY remains capped below a major resistance zone after a strong prior rally.
• Price is consolidating near highs, signaling building pressure within the range.
• A breakout above resistance would signal continuation of the broader uptrend while failure risks a pullback within the current consolidation.
• Major event risk next week with BoJ & Fed rate decisions and US / Japan CPI
• Resistance 160.21/74 (key), 161.95, 163.33- Support 157.70, 156.67, 154.79-155.29(key)

USD/JPY continues to consolidate just below a key resistance zone after a strong advance, with price action reflecting a period of compression near recent highs. The pause in momentum suggests a potential buildup for a larger move, with the broader uptrend still intact for now. The focus shifts to a breakout of this range, which could provide clearer direction for the next phase of price action. Battle lines are drawn on the USD/JPY weekly technical chart.

Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Yen setup and more. Join live on Monday’s at 8:30am EST.

Japanese Yen Price Chart – USD/JPY Weekly

Chart Prepared by Michael Boutros, Sr. Technical Strategist; USD/JPY on TradingView

Technical Outlook: In last month’s Japanese Yen Technical Forecast we noted that USD/JPY was, “attempting to secure a breakout of the yearly opening-range highs, and the focus is on this push towards 160. From a trading standpoint, losses should be limited to 157.70 IF price is heading higher on this stretch with a break of the monthly highs needed to fuel the next leg of the advance.” USD/JPY broke higher later that week with price extending more than 5.3% off the March lows to briefly register an intraday high at 160.46 before reversing into the close of the month.

Since then, USD/JPY has been stuck in a range just below confluent resistance at 160.21/74- a region defined by the April 2024 swing high and he 2024 high-week reversal close (HWC). A consolidation is taking shape just below the April opening-range intact heading into next week. Look for the breakout to offer guidance here.

Weekly support rests with the 2025 high-week close (HWC) at 157.70. Yearly open support rests just lower at 154.67 with broader bullish invalidation now raised to the 2026 low-week close (LWC) and the 61.8% retracement of the yearly range at 154.79-155.29. Note that basic channel support converges on this level into the monthly cross and losses below this slope would be needed to suggest a more significant high is in place and a larger trend reversal is underway.

A topside breach / close above this key pivot zone is needed to mark resumption of the broader uptrend. Subsequent resistance objectives are eyed at the 2024 swing high at 161.95 and the 1.618% extension of the 2025 advance near 163.33– look for a larger reaction there IF reached.

Bottom line: USD/JPY is consolidating just below confluent resistance, and the focus is on a breakout of the April range for guidance here. From a trading standpoint, losses should be limited to 157.70 IF price is heading higher on this stretch with a close above 160.74 needed to fuel the next major leg of the advance.

Aside from the barrage of ongoing war headlines, we get the release of rate decisions from the BoJ and the Fed next week with key inflation data on tap Thursday. Stay nimble into this pending breakout and watch the weekly closes for guidance here. I’ll publish an updated Japanese Yen Short-term Outlook once we get further clarity on the near-term USD/JPY technical trade levels.

USD/JPY Key Economic Data Releases

Economic Calendar – latest economic developments and upcoming event risk.

Active Weekly Technical Charts

— Written by Michael Boutros, Senior Technical Strategist

Follow Michael on X @MBForex

Created on April 24, 2026

EUR/USD Forecast: Euro Trying to Find Support at the 50 Day EMA

• The euro has gone back and forth during the trading session on Thursday as we continue to see the 50-day EMA offering support.

• The market is of course going to be watching the 50-day EMA as a floor and so far, it does look like it’s trying to hold up.

It is worth noting that the 10-year yield in the United States rose pretty significantly early during the session only to give that back up. Ultimately when I look at the EUR/USD chart, if we break down below the 50-day EMA then we could drop down to the 200-day EMA. To the upside of the 1.18 level is a barrier that I think is thick. It extends all the way to the 1.1850 level.

Interest Rate Differentials and Energy Prism

With this, I think you have a situation where traders are looking at this through the interest rate differential which favors the United States, but you should also keep in mind that traders are going to be looking at this through the prism of energy in the European Union as well.

After all, if there’s a major disruption in energy coming out of the Middle East to the European Union that’s going to have a massive influence on how their economies perform. So really at this point I think a little of a bounce makes a certain amount of sense, but there is a lot of resistance above and I think that will continue to be a bit of a struggle to get beyond there.

Really the only thing that I could see happening is if we see an end to the conflict in the Middle East. If we don’t, then you can look at this from a longer-term standpoint between the 1.14 and the 1.1850 level, but really, I think you’ve got a situation where you’re looking at this through the eyes of a range that’s getting close to the middle, so things might get choppy.

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Christopher Lewis has been trading Forex and has over 20 years experience in financial markets. Chris has been a regular contributor to Daily Forex since the early days of the site. He writes about Forex for several online publications, including FX Empire, Investing.com, and his own site, aptly named The Trader Guy. Chris favours technical analysis methods to identify his trades and likes to trade equity indices and commodities as well as Forex. He favours a longer-term trading style, and his trades often last for days or weeks.

Copper price remains affected by stochastic negativity, attempting to reach below $5.9700 to increase the chances of activating the temporary bearish corrective trend, to reach $5.8900 followed by $5.8200 level, which represents a new extra support against the current trading.

Forming a strong obstacle at $6.1200 level against the bullish attempts will increase the chances of forming negative attempts, to keep waiting to reach the previously suggested stations, to monitor its behavior to confirm the suggested trend in the upcoming trading.

The expected trading range for today is between $5.8200 and $6.0500

Trend forecast: Bearish

Copper price remains affected by stochastic negativity, attempting to reach below $5.9700 to increase the chances of activating the temporary bearish corrective trend, to reach $5.8900 followed by $5.8200 level, which represents a new extra support against the current trading.

Forming a strong obstacle at $6.1200 level against the bullish attempts will increase the chances of forming negative attempts, to keep waiting to reach the previously suggested stations, to monitor its behavior to confirm the suggested trend in the upcoming trading.

The expected trading range for today is between $5.8200 and $6.0500

Trend forecast: Bearish

Despite the weakness of the EURGBP last trading and its stability neat 0.8675 level, its overall stability within the minor bearish channel levels which are represented by 0.8715 level as an extension of the main resistance, besides providing negative momentum will increase the chances of targeting new negative stations that might begin at 0.8630 and 0.8600.

Stochastic is fluctuating near 20 level to provide extra negative momentum to activate the bearish trend and reaching the previously suggested stations.

The expected trading range for today is between 0.8630 and 0.8690

Trend forecast: Bearish

2026.04.24 2026.04.24
GBP/USD: Elliott Wave Analysis and Forecast for 24.04.26–01.05.26

Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/

Major Takeaways

• Main scenario: Consider long positions from corrections above the level of 1.3165 with a target of 1.3870–1.4300. A buy signal: the price holds above 1.3165. Stop Loss: below 1.3125, Take Profit: 1.3870–1.4300.
• Alternative scenario: Breakout and consolidation below 1.3165 will allow the pair to continue declining to the levels of 1.2936–1.2736. A sell signal: the 1.3165 level is broken to the downside. Stop Loss: above 1.3205, Take Profit: 1.2936–1.2736.

Main Scenario

Consider long positions above the level of 1.3165 with a target of 1.3870–1.4300 once the correction ends.

Alternative Scenario

Breakout and consolidation below 1.3165 will allow the pair to continue declining to the levels of 1.2936–1.2736.

Analysis

On the weekly timeframe, an ascending wave of larger degree (A) of B is developing. Within it, wave 1 of (A) has formed, and a downward correction has been completed as wave 2 of (A). The third wave 3 of (A) appears to continue forming on the daily chart, with wave iii of 3 developing as its part. On the H4 timeframe, the third wave of smaller degree (iii) of iii has presumably started to form, within which wave i of (iii) has formed and a local correction ii of (iii) is developing. If the presumption is correct, GBP/USD will continue to rise to the levels of 1.3870–1.4300 after the correction ends. The level of 1.3165 is critical in this scenario as a breakout below it will enable the pair to continue declining to the levels of 1.2936–1.2736.

This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.

Price chart of GBPUSD in real time mode

The British pound finds itself recovering as we are at the 1.35 level again. This is a market that has been a bit more positive in general over the last year and a half or so than many others against the US dollar. So, not a surprise if we’re seeing the Euro bounce that we’re seeing the pound bounce.

I still see a lot of noise just above though, and I think that even if we were to see this market rally from here to the 1.36 level, I don’t think it’s going to be easy. I don’t necessarily want to short this market, at least not yet, but signs of exhaustion could have me interested.

USD/JPY Technical Analysis

2026.04.24 2026.04.24
EUR/USD: Elliott Wave Analysis and Forecast for 24.04.26–01.05.26

Alex Geutahttps://www.litefinance.org/blog/authors/alex-geuta/

Major Takeaways

• Main scenario: Consider long positions from corrections above 1.1445 with a target of 1.2088–1.2400. A buy signal: the price holds above 1.1445. Stop Loss: below 1.1405, Take Profit: 1.2088–1.2400.
• Alternative scenario: Breakout and consolidation below 1.1445 will allow the pair to continue declining to the levels of 1.1185–1.1000. A sell signal: the 1.1445 level is broken to the downside. Stop Loss: above 1.1485, Take Profit: 1.1185–1.1000.

Main Scenario

Consider long positions above the level of 1.1445 with a target of 1.2088–1.2400 once the correction ends.

Alternative Scenario

Breakout and consolidation below 1.1445 will allow the pair to continue declining to the levels of 1.1185–1.1000.

Analysis

On the weekly timeframe, an ascending wave of larger degree B is developing, with wave (A) of B forming as its part. On the daily timeframe, the third wave 3 of (A) is apparently unfolding. Within it, wave i of 3 has formed, corrective wave ii of 3 has been completed, and wave iii of 3 has started developing. The first wave of smaller degree (i) of iii is forming on the H4 chart. As its parts, wave iii of (i) has been completed, and a local correction iv of (i) is nearing completion. If the presumption is correct, EUR/USD will continue to rise to the levels of 1.2088–1.2400 after the correction ends. The level of 1.1445 is critical in this scenario. A breakout below it will allow the pair to continue falling to the levels of 1.1185–1.1000.

This forecast is based on the Elliott Wave Theory. When developing trading strategies, it is essential to consider fundamental factors, as the market situation can change at any time.

Price chart of EURUSD in real time mode