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Crude Oil, H4:
Crude oil prices are trading higher following a successful breakout above both an asymmetric triangle pattern and the key resistance level at $62.20. The MACD indicates strengthening bullish momentum, while the RSI stands at 67, suggesting there is still room for further upside before entering overbought territory.
If bullish momentum continues to build, oil prices are likely to extend their gains toward the next resistance level at $63.90, with a potential to test $65.95 thereafter.
However, if momentum weakens, a pullback toward the $62.20 support level is likely, where the price may attempt to consolidate before its next directional move.
Resistance Levels: 63.90, 65.95
Support Levels: 62.20, 60.00
USD/JPY, H4
USD/JPY continues to trade on a bullish trajectory and is currently testing a critical resistance level. If buyers maintain control, the pair could potentially break higher toward the next resistance at 148.10.
However, technical indicators suggest caution. The MACD shows signs of waning bullish momentum, and the RSI is at 68, entering the overbought territory, which could trigger a short-term correction.
Should the bullish momentum falter, we may see the pair pull back toward the support level at 143.75, possibly consolidating in a range between 143.75 and 146.10.
Resistance Levels: 146.10, 148.10
Support Levels: 143.75, 142.00
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