Published: 24 February 2026,03:54
Chart The Market
USOIL, H4:
Crude oil has staged a strong bullish reversal from the 62.10 support zone, breaking decisively above the prior range highs and invalidating the previous series of lower highs. The move above 64.50 (0.236 Fib) and especially the clean push through 66.00 (0.382 Fib) confirm a structural shift from consolidation to expansion. Price is now holding around 66.80–67.00, just beneath the 67.15 (0.5 Fib) level, with the next upside reference near 68.35 (0.618 Fib).
Technically, momentum supports the bullish bias but shows early signs of slowing. RSI is holding around 61–63, remaining in bullish territory above 50, which suggests buyers are still in control. However, it has slightly flattened after approaching the 70 zone earlier, indicating momentum is cooling rather than accelerating. Meanwhile, MACD remains positive, with the histogram still above zero, but the bars are shrinking signaling that upside momentum is moderating even though the broader trend remains constructive.
Overall, crude oil on the chart has shifted into a short-term uptrend following a strong impulsive breakout. Momentum is still positive but no longer accelerating, so the market may either consolidate beneath 67.15 before another push higher, or briefly retrace to retest breakout support before continuation.
Resistance Levels: 67.15, 68.35
Support Levels: 66.00, 64.50
USDJPY, H4
USD/JPY remains in a broader corrective phase after failing to sustain gains above the 157.50 resistance zone. The pair formed a clear swing high near that level before undergoing a sharp bearish leg down toward the 152.60–153.00 support area. That decline marked a structural shift from higher highs into a short-term downtrend. Since bottoming near 152.61, price has transitioned into a consolidation range between 152.60 support and 153.90 resistance. The breakout above 153.90 triggered a recovery move toward 155.60, which now acts as near-term resistance. However, the latest candles show hesitation beneath 155.60, with price pulling back toward 154.80–155.00, suggesting upside momentum is slowing.
Momentum indicators reflect this moderation. RSI previously pushed toward the 70 region during the rebound but has since rolled over to around the mid-50s, indicating bullish momentum is fading rather than expanding. Meanwhile, MACD remains slightly positive, but the histogram has turned lighter and begun printing small negative bars, signaling weakening bullish pressure and possible short-term consolidation.
Overall, USD/JPY on the chart is in a recovery phase within a larger corrective structure. Momentum is no longer accelerating, so the pair may either consolidate below 155.60 before attempting higher levels or retrace toward breakout support before determining its next directional move.
Resistance Levels: 155.60, 157.50
Support Levels: 153.90, 152.60
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