EUR/USD declined from the 1.1000 resistance and corrected gains. USD/JPY is rising and might take out the 147.80 resistance.

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

· The Euro started a fresh decline below the 1.0945 support zone.

· There is a connecting bearish trend line forming with resistance at 1.0920 on the hourly chart of EUR/USD at FXOpen.

· USD/JPY climbed higher above the 144.15 and 145.55 levels.

· There is a connecting bullish trend line forming with support at 147.00 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 1.1000 resistance zone. The Euro started a fresh decline and traded below the 1.0980 support zone against the US Dollar.

The pair declined below 1.0945 and tested the 1.0880 zone. A low was formed near 1.0881 and the pair is now consolidating losses. There was a minor recovery wave above the 1.0910 level. The pair surpassed the 23.6% Fib retracement level of the recent decline from the 1.1008 swing high to the 1.0881 low.

On the upside, the pair is now facing resistance near a connecting bearish trend line at 1.0920 and the 50-hour simple moving average. The next key resistance is near the 50% Fib retracement level of the recent decline from the 1.1008 swing high to the 1.0881 low at 1.0945.

The main resistance is 1.0980. A clear move above the 1.0980 level could send the pair toward the 1.1000 resistance. An upside break above 1.1000 could set the pace for another increase. In the stated case, the pair might rise toward 1.1050.

If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0880. The next key support is at 1.0850. If there is a downside break below 1.0850, the pair could drop toward 1.0810. The next support is near 1.0775, 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 recovery wave from the 142.00 zone. The US Dollar gained bullish momentum above 144.15 against the Japanese Yen.

It even cleared the 50-hour simple moving average and 145.55. The current price action above the 147.00 level is positive. A high is formed at 147.81 and the pair might continue to rise. Immediate resistance on the USD/JPY chartis near 147.80.

The first major resistance is near 149.40. If there is a close above the 149.40 level and the RSI moves above 60, the pair could rise toward 150.50. The next major resistance is near 152.00, above which the pair could test 155.00 in the coming days.

On the downside, the first major support is near the 50% Fib retracement level of the upward move from the 145.42 swing low to the 147.81 high at 147.00. There is also a connecting bullish trend line forming with support at 147.00.

The next major support is visible near the 145.55 level. If there is a close below 145.55, the pair could decline steadily. In the stated case, the pair might drop toward the 144.15 support zone. The next stop for the bears may perhaps be near the 142.00 region.

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