Chart the Market (05/05/2025)

NASDAQ, Daily 

The Nasdaq index is trading higher, extending its rebound from the strong support level at 17,105.00, driven in part by renewed trade optimism. The index is currently testing a critical resistance level at 20,255.00.

Technically, MACD indicates growing bullish momentum, while the RSI is at 59, suggesting the bullish bias may continue as long as the RSI stays above the midline. A successful breakout above 20,255.00 could confirm continued upward momentum, with the next resistance target at 22,180.00.

However, despite the positive technical outlook, external risks such as ongoing trade tensions and the upcoming quarterly earnings season could introduce volatility. Traders are advised to watch these macro factors alongside price action.

🔹 Resistance Levels: 20,255.00, 22,180.00
🔹 Support Levels: 17,105.00, 14,520.00

USD/JPY, Daily 

The USD/JPY pair is trading lower after a pullback from recent highs near resistance. The MACD shows diminishing bullish momentum, while the RSI is at 45, signaling a shift toward bearish pressure as it remains below the midline.

If bearish momentum persists, the pair may extend losses toward the key support level at 140.45, and potentially further down to 137.75.

Conversely, a failure to sustain bearish pressure could trigger a rebound. In that case, traders should closely watch for a retest of the 145.45 resistance. A breakout above this level could invalidate the current bearish setup and lead to a trend reversal toward 149.45.

🔹 Resistance Levels: 145.45, 149.45
🔹 Support Levels: 140.45, 137.75