Market Analysis: EUR/USD Could Recover, USD/JPY Inches Toward 150.00

FXOpen

EUR/USD is slowly moving higher from the 1.0500 level. USD/JPY is rising and might soon attempt a move above the 150.00 resistance.

Important Takeaways for EUR/USD and USD/JPY Analysis Today

· The Euro started a decent increase above the 1.0570 pivot level.

· There is a key bullish trend line forming with support near 1.0570 on the hourly chart of EUR/USD at FXOpen.

· USD/JPY climbed higher above the 149.00 and 149.45 levels.

· There is a connecting bullish trend line forming with support near 149.45 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair started a fresh decline from the 1.0640 zone. The Euro declined below the 1.0595 support zone against the US Dollar.

A low was formed near 1.0500 and the pair is now attempting a recovery wave. There was a break above the 50% Fib retracement level of the downward move from the 1.0639 swing high to the 1.0495 low.

The pair even settled above the 1.0570 zone and the 50-hour simple moving average. There is also a key bullish trend line forming with support near 1.0570.

On the upside, the pair is now facing resistance near the 61.8% Fib retracement level of the downward move from the 1.0639 swing high to the 1.0495 low at 1.0585. The next major resistance is near 1.0595. An upside break above 1.0595 could set the pace for another increase. In the stated case, the pair might rise toward 1.0640.

If not, the pair might start a fresh decline. The first major support on the EUR/USD chart is near 1.0570. The next key support is at 1.0530. If there is a downside break below 1.0530, the pair could drop toward 1.0500. The next support is near 1.0480, 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 decent increase from the 148.15 zone. The US Dollar gained bullish momentum above 149.00 against the Japanese Yen.

It settled above the 50-hour simple moving average and 149.45. A high is formed near 149.80 and the pair is now consolidating gains. On the downside, the first major support is near the trend line at 149.45 and the 50-hour simple moving average.

The trend line is close to the 23.6% Fib retracement level of the upward move from the 148.16 swing low to the 149.82 high. The next major support is near 149.00.

If there is a close below 149.00, the pair could decline steadily toward the 76.4% Fib retracement level of the upward move from the 148.16 swing low to the 149.82 high at 148.55. In the stated case, the pair might drop toward 148.15. The next major support sits at 147.50.

Immediate resistance on the USD/JPY chart is near 149.80. The first major resistance is near 150.00. If there is a close above the 150.00 level and the RSI moves above 60, the pair could rise toward 151.20. The next major resistance is near 152.00, above which the pair could test 155.00 in the coming days.

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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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