Market Analysis: EUR/USD Dips Again, USD/JPY Rallies Above 151

EUR/USD started another decline from the 1.0960 resistance. USD/JPY surged and broke the 151.00 resistance zone.

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

· The Euro started a fresh decline below the 1.0900 support zone.

· There is a key bearish trend line forming with resistance at 1.0870 on the hourly chart of EUR/USD at FXOpen.

· USD/JPY climbed higher above the 150.00 and 151.00 levels.

· There is a connecting bullish trend line forming with support at 150.20 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 1.0960 resistance zone. The Euro started a fresh decline and traded below the 1.0900 support zone against the US Dollar.

The pair even declined below 1.0870 and tested the 1.0835 zone. A low was formed near 1.0834 and the pair is now correcting losses. On the upside, the pair is now facing resistance near the 50% Fib retracement level of the recent decline from the 1.0906 swing high to the 1.0834 low at 1.0870.

There is also a key bearish trend line forming with resistance at 1.0870. The next key resistance is near the 76.4% Fib retracement level of the recent decline from the 1.0906 swing high to the 1.0834 low at 1.0890.

The main resistance is 1.0905. A clear move above the 1.0905 level could send the pair toward the 1.0960 resistance. An upside break above 1.0960 could set the pace for another increase. In the stated case, the pair might rise toward 1.1020.

If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0835. The next key support is at 1.0820. If there is a downside break below 1.0820, the pair could drop toward 1.0785. The next support is near 1.0750, 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 strong increase from the 147.60 zone. The US Dollar gained bullish momentum above 148.90 against the Japanese Yen.

It even cleared the 50-hour simple moving average and 150.00. The current price action above the 151.00 level is positive. A high is formed at 151.47 and the pair might continue to rise. Immediate resistance on the USD/JPY chartis near 151.50.

The first major resistance is near 152.00. If there is a close above the 152.00 level and the RSI stays moves 60, the pair could rise toward 152.80. The next major resistance is near 153.50, above which the pair could test 155.00 in the coming days.

On the downside, the first major support is near the 23.6% Fib retracement level of the upward move from the 148.91 swing low to the 151.50 high at 150.85.

The next major support is visible near a connecting bullish trend line at 150.20 or the 50% Fib retracement level of the upward move from the 148.91 swing low to the 151.50 high. If there is a close below 150.20, the pair could decline steadily.

In the stated case, the pair might drop toward the 149.50 support zone. The next stop for the bears may perhaps be near the 147.60 region.