EUR/USD declined from the 1.0450 resistance and traded below 1.0300. USD/JPY is rising and might gain pace above the 158.00 resistance.
Important Takeaways for EUR/USD and USD/JPY Analysis Today
- The Euro started a fresh decline below the 1.0350 support zone.
- There is a key bearish trend line forming with resistance at 1.0320 on the hourly chart of EUR/USD at FXOpen.
- USD/JPY climbed higher above the 156.50 and 157.30 levels.
- There is a major bearish trend line forming with resistance at 157.75 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair struggled to clear the 1.0450 resistance zone. The Euro started a fresh decline and traded below the 1.0350 support zone against the US Dollar.
The pair declined below 1.0300 and tested the 1.0225 zone. A low was formed near 1.0224 and the pair recently attempted a recovery wave. There was a minor recovery wave above the 1.0280 level. The pair climbed above the 23.6% Fib retracement level of the downward move from the 1.0458 swing high to the 1.0224 low.
The pair is now trading above 1.0285 and the 50-hour simple moving average. On the upside, the pair is now facing resistance near the 1.0320 level. There is also a key bearish trend line forming with resistance at 1.0320.
The next key resistance is at 1.0340. The main resistance is near the 1.0365 level or the 61.8% Fib retracement level of the downward move from the 1.0458 swing high to the 1.0224 low.
A clear move above the 1.0365 level could send the pair toward the 1.0460 resistance. An upside break above 1.0460 could set the pace for another increase. In the stated case, the pair might rise toward 1.0500.
If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0280. The next key support is at 1.0225. If there is a downside break below 1.0225, the pair could drop toward 1.0200. The next support is near 1.0150, below which the pair could start a major decline.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair started a fresh upward move from the 156.00 zone. The US Dollar gained bullish momentum above 156.85 against the Japanese Yen.
It even cleared the 50-hour simple moving average and 157.30. The pair climbed above 157.50 and traded as high as 157.77. It is now consolidating gains above the 23.6% Fib retracement level of the upward move from the 156.87 swing low to the 157.77 high.
The current price action above the 157.30 level is positive. Immediate resistance on the USD/JPY chart is near 157.75. There is also a major bearish trend line forming with resistance at 157.75.
The first major resistance is near 158.05. If there is a close above the 158.05 level and the RSI moves above 70, the pair could rise toward 158.80.
The next major resistance is near 159.20, above which the pair could test 160.00 in the coming days. On the downside, the first major support is 157.30 or the 50% Fib retracement level of the upward move from the 156.87 swing low to the 157.77 high, below which the bears could gain strength.
The next major support is visible near the 156.85 level. If there is a close below 156.85, the pair could decline steadily. In the stated case, the pair might drop toward the 156.00 support zone. The next stop for the bears may perhaps be near the 155.45 region.
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