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.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

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.

Latest from Forex Analysis

Market Analysis: EUR/USD Starts Increase While USD/JPY Dips Dollar Holds Steady after Producer Price Data Release GBP/JPY: Price Corrects from 8.5 Year High Is the UK really in a recession? Perhaps 2024 data will be different Market Analysis: GBP/USD Attempts Recovery While EUR/GBP Gains Strength

Latest articles

Shares

NVDA Share Price Soars 11% after Report

The signs of concern we wrote about yesterday have largely subsided. After three days of declines, the price of E-mini Nasdaq 100 futures bounced off the lower boundary of the channel (see yesterday's chart) and rose, led by NVDA stock.

Cryptocurrencies

Ethereum Price Falls after Exceeding $3,000

We previously wrote about the reasons for the positive sentiment in the ETH/USD market. Optimism was added by a post on X (Twitter) by Vitalik Buterin about the so-called Werkle trees. This technology, which should (according to the information

Indices

S&P 500 Inches Down After Long Rally as FOMC Minutes Approach

Aside from the performance of a national currency, a popular yardstick by which to gauge anticipation or reaction to an economic event or announcement is the market sentiment surrounding the top listed stocks on premier exchanges. Today, as market participants

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.