USD/JPY Supported For More Gains, Gold Approaches $2,400

The USDJPY pair continued its upward trajectory in the forex market, breaking above the significant resistance level of 152.50. This move was accompanied by a noticeable uptrend line that formed on the 4-hour chart, providing additional support for the pair around the 152.70 mark. The US Dollar's strength against the Japanese Yen can be attributed to several factors, including the ongoing economic recovery in the United States and expectations of further monetary easing in Japan.

Meanwhile, in the European session, the EURUSD and GBPUSD pairs experienced bearish momentum. The Euro was weighed down by renewed concerns over the European debt crisis, as investors remained uncertain about the ability of some European countries to manage their debt loads effectively. The British Pound, on the other hand, was affected by ongoing Brexit negotiations and uncertainty surrounding the UK's future relationship with the European Union.

In commodity markets, gold prices continued to surge higher, breaking above the $2,380 level. This move was driven by a combination of factors, including renewed safe-haven demand due to geopolitical tensions and expectations of continued monetary easing by major central banks. The precious metal has been in a strong uptrend since early August, with some analysts predicting that it could reach new all-time highs in the coming weeks.

Technically speaking, the USDJPY pair's bullish momentum could continue as long as it remains above the key support level of 152.70. However, a break below this level could lead to a correction towards the 151.50 level. In the case of gold, the next major resistance level to watch for is around $2,430, which was the high reached in August 2020. On the downside, support can be found around the $2,360 level, which was the low reached in August 2020.

In summary, the US Dollar remained strong against the Japanese Yen, while the Euro and British Pound experienced bearish momentum. Gold prices continued to surge higher, approaching the $2,400 level. The US Dollar's strength can be attributed to ongoing economic recovery in the United States and expectations of further monetary easing in Japan. The Euro was weighed down by renewed concerns over the European debt crisis, while the British Pound was affected by ongoing Brexit negotiations and uncertainty surrounding the UK's future relationship with the European Union. The next major levels to watch for in the USDJPY pair are 151.50 on the downside and 153.50 on the upside. In gold, the next major levels to watch for are $2,360 on the downside and $2,430 on the upside.