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Published: 7 May 2026,06:29
Chart The Market
Silver, H4:
Silver has staged an impressive recovery after rebounding strongly from the 71.95 support zone, with price action breaking decisively out of its previous descending channel structure. The metal has now reclaimed ground above former resistance levels and is pushing toward the critical 78.70 barrier, signaling a notable shift in short-term market sentiment.
The recent breakout from the bearish channel marks an important technical development, suggesting that downside pressure has largely faded following the prolonged corrective phase. Buyers have regained control after defending the broader consolidation base between 70.50 and 72.00, creating a constructive platform for further upside continuation. A sustained move above 78.70 would likely reinforce bullish momentum and open the door for a retest of the higher resistance region near 83.40.
Momentum indicators continue to support the improving technical outlook. The Relative Strength Index has climbed firmly above the 60-midpoint, reflecting strengthening buying interest and improving bullish momentum without yet reaching extreme overbought territory. Meanwhile, the Moving Average Convergence Divergence has crossed decisively above the zero line, with expanding positive histogram bars highlighting the acceleration in upward momentum.From a broader perspective, silver has rallied approximately 9.5% from its recent lows near the 71.95 support region, underlining the strength of the current recovery wave. As long as price action remains supported above the breakout zone around 76.20, the broader bullish structure is likely to remain intact in the near term.
Resistance Levels: 78.70, 83.40
Support Levels: 76.20, 71.95
USDJPY, H4
The USDJPY pair remains under sustained bearish pressure after suffering a sharp rejection from the 159.90 resistance region, an area that has repeatedly capped upside attempts over recent weeks. Price action has since entered a consolidation phase between 155.60 and 156.75, with the market struggling to establish a meaningful recovery following the aggressive selloff from the recent highs near 160.00.
The repeated failures around the 159.90 barrier highlight the presence of strong overhead supply, reinforcing the broader downside bias in the near term. Despite several attempts to stabilize, the pair continues to trade below key resistance levels, suggesting that sellers remain firmly in control. A decisive breakdown beneath the 155.60 support zone would likely accelerate bearish momentum and expose the next downside target near 154.40.
Momentum indicators continue to reflect weakening market sentiment. The Relative Strength Index remains below the 40-midpoint, signaling subdued buying interest and persistent downside pressure. Meanwhile, the Moving Average Convergence Divergence stays below the zero line, with the histogram flattening after an earlier bearish expansion, indicating that bearish momentum remains structurally intact despite the current pause in selling activity.From a broader perspective, USDJPY has declined approximately 2.4% from its recent peak near 159.90, emphasizing the strength of the latest correction wave. Unless the pair can reclaim ground above 156.75 and build momentum toward the 157.65 resistance level, downside risks are likely to dominate in the sessions ahead.
Resistance Levels: 156.75, 157.25
Support Levels: 155.60, 154.40
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