Forex Market Analysis Today [2024.06.24]: USDJPY Nears 160, Potential Breakout or Pull Back?

Hello, Welcome to Forex Market Analysis Today!

EURUSD broke below major support, now with support around 1.06000 and resistance around 1.09000. USDCAD is uptrending but getting squeezed between major support and resistance lines. USDJPY is in an uptrend, nearing the 160 resistance level. USDCHF is trending down with support around 0.87300 and resistance at 0.90000. GBPUSD is at support, with levels at 1.25000 and 1.28100. AUDUSD is consolidating between 0.65700 and 0.67000. NZDUSD found resistance around 0.62200 and is now at support around 0.60900. Watch out for potential breakouts and market shifts!

Key Trading Events Today

These events encompass important global news, macroeconomic reports, and economic indicators. For more details, you can check the forex factory economic calendar.

• Around 1:45 PM ET, BOC Governor Macklem speaks, which is a volatile news event for CAD pairs.

EURUSD:

Looking at EURUSD, it broke below the major support line. Now, the major support is around 1.06000, and the major resistance is around 1.09000.

Looking at the 1-hour chart, you can see that after breaking the support, the price found support around the previous low and consolidated a bit. Right now, it’s trading around that broken support. We can expect the price to pull back from there and continue dropping to the green support area. If that level is broken, the price will likely keep falling. Also, keep in mind that the price could bounce back above the major support for a correction. So, watch out for these moves.

USDCAD:

Looking at USDCAD, it’s uptrending. The two trendlines on the chart act as major support and resistance for the price. As we discussed before, the price is getting squeezed between these lines.

Looking at the 1-hour chart, you can see a clear downward channel, and the price is nearing the major support level. We can expect a pullback from that level and the price to go up. However, keep in mind that the price could also break below this major support. If that happens, the main trend will change from uptrend to downtrend. Watch out for breakouts, especially since BOC Governor is speaking today, which may cause breakouts.

USDJPY:

Looking at USDJPY, it’s in an uptrend. The trend line indicating the uptrend acts as the major support, while the major resistance is around the 160 level.

Looking at the 1-hour chart, you can see the price is almost near the 160 level. We could expect a pullback and the price to fall, but it could also break that level and continue going up. There’s also a small support line; if the price breaks below this trend line, we can expect it to drop to the major support line.

USDCHF:

Looking at USDCHF, it’s trending down. The next support is around 0.87300, and the resistance is around the 0.90000 level.

Looking at the 1-hour chart, you can see the price consolidated for a bit before starting to go up. Now, it’s around a resistance level. We could expect a pullback from there, or if the price breaks this resistance, it could go to the next resistance and pull back from there.

GBPUSD:

Looking at GBPUSD, the price is currently at a support level. The next support is around 1.25000, and the resistance is around 1.28100. the price is pulling back.

Looking at the 1-hour chart, you can see the price broke below the support and then went back up. We can expect two things: either the price will continue going up, or if this was just a correction, the price will start falling again once the correction ends.

AUDUSD:

Looking at AUDUSD, it’s consolidating. The major support is around 0.65700, and the major resistance is around 0.67000.

Looking at the 1-hour chart, you can see two resistance levels. The price pulled back from the first resistance and is now trending downward. It is also pulling back. We can expect the price to go back to the support level and pull back from there, or it might break above this resistance and move to the major resistance. Keep in mind, since the price is consolidating, a breakout is likely. The direction of that breakout, whether at the support or resistance, will determine the future trend.

NZDUSD:

NZDUSD, after trending up, found resistance around 0.62200 and pulled back. Now, the price is at a support level around 0.60900.

Looking at the 1-hour chart, you can see the price has pulled back up three times around the support level and is nearing that level again. We can expect the same thing: the price pulling back up and continuing to the resistance level. However, since the price is consolidating, a breakout is likely. If the price breaks below this support level, it will likely continue dropping.

Conclusion & Disclaimer

Please provide your feedback on how we can improve this article. Thank you!

These analyses are here to help you understand how to analyze the market. They’re not about giving buy or sell signals. It’s simply about observing market behavior. I don’t recommend when to buy or sell because trading doesn’t work that way. You need a strategy to guide your decisions about when to enter or exit positions. That’s the key to making consistent profits in the financial markets over time.

The information provided in this market analysis is for educational and informational purposes only. It should not be construed as financial advice or a recommendation to buy, sell, or hold any securities or investments.

All investments involve risk, and past performance is not indicative of future results. The analysis provided may not be suitable for all investors and should be used at their own discretion.

Readers are encouraged to conduct their own research.

Trading and investing in financial markets carry inherent risks, including the risk of losing invested capital. It is important to carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.

GOOD LUCK!!!