EUR/USD and USD/JPY Daily Chart Outlook: Dollar Could Outperform

FXOpen

EUR/USD started a fresh decline from the 1.1265 zone. USD/JPY is rising and might aim to move above the 144.85 resistance.

Important Takeaways for EUR/USD and USD/JPY Analysis

  • The Euro failed to clear 1.1265 and declined below 1.1090.
  • There is a key bullish trend line forming with support near 1.0965 on the daily chart of EUR/USD at FXOpen.
  • USD/JPY climbed above the 140.00 and 141.15 levels.
  • There is a major bullish trend line in place with support at 139.00 on the daily chart at FXOpen.

EUR/USD Technical Analysis

On the daily chart of EUR/USD at FXOpen, the pair started a fresh decline from the 1.1265 zone. The Euro declined below the 1.1090 support zone to move into a short-term bearish zone against the US Dollar.

The pair even spiked below 1.1000 before the bulls emerged near 1.0965. The euro seems to be finding bids near the 50% Fib retracement level of the upward move from the 1.0661 swing low to the 1.1275 high.

There is also a key bullish trend line forming with support near 1.0965. The main support on the EUR/USD chart is near the 50-day simple moving average at 1.0920.

The 61.8% Fib retracement level of the upward move from the 1.0661 swing low to the 1.1275 high is also near 1.0920. If there is a downside break below 1.0920, the pair could drop toward 1.0800. Any more losses could open the doors for a move to 1.0660.

On the upside, the pair is facing resistance near the 1.1090 zone, above which the bulls might aim for a steady increase. The next major resistance is near 1.1265. An upside break above 1.1265 could set the pace for another increase. In the stated case, the pair might rise toward 1.1340.

USD/JPY Technical Analysis

On the daily chart of USD/JPY at FXOpen, the pair started a strong rise from the 130.50 zone. The US Dollar gained bullish momentum above 135.00 against the Japanese Yen.

Finally, the bears appeared near the 145.00 zone. A high was formed near 145.07 before a downside correction. The pair dipped below the 141.15 pivot level and tested the 137.55 zone. A low is formed near 137.24, and the pair is now attempting a fresh increase.

There was a move above the 50% Fib retracement level of the downward move from the 145.07 swing high to the 137.24 low. It is now trading above the 50-day simple moving average.

Immediate resistance on the USD/JPY chart is near the 76.4% Fib retracement level of the downward move from the 145.07 swing high to the 137.24 low at 143.20. The next major resistance is near 144.85. If there is a close above it, and RSI moves above 60, the pair could rise toward 146.20.

On the downside, the first major support is near 141.15. The next support is near a major bullish trend line at 139.00. If there is a close below 139.00, the pair could decline steadily.

In the stated case, USD/JPY might drop toward 137.55. If the bulls fail to protect the 137.55 zone, there could be a drop toward 135.00. The next stop for the bears may perhaps be near the 130.50 region.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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