EUR/USD declined from 1.1720 and traded below 1.1650. USD/JPY is rising and might gain pace above 148.20.

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

• The Euro started a fresh decline after a decent move above 1.1680.
• There was a break below a key bullish trend line with support at 1.1650 on the hourly chart of EUR/USD at FXOpen.
• USD/JPY climbed higher above the 147.00 and 147.40 levels.
• There is a major bearish trend line forming with resistance at 147.70 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair rallied above the 1.1680 resistance zone before the bears appeared, as discussed in the previous analysis. The Euro started a fresh decline and traded below 1.1660 against the US Dollar.

There was a break below a key bullish trend line with support at 1.1650, and a low was formed near 1.1622. After that, the pair started a consolidation phase.

There was a minor recovery wave above 1.1630. EUR/USD is now trading below 1.1650 and the 50-hour simple moving average. On the upside, the pair is now facing hurdles near the 23.6% Fib retracement level of the downward move from the 1.1692 swing high to the 1.1622 low at 1.1640.

The next key resistance is 1.1655 and the 50% Fib retracement. The main barrier for the bulls could be 1.1665. A clear move above 1.1665 could send the pair toward 1.1690. An upside break above 1.1690 could set the pace for another increase. In the stated case, the pair might rise toward the 1.1720 zone.

If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.1620. The next important region for buyers sits at 1.1600. If there is a downside break below 1.1600, the pair could drop toward 1.1550. Any more losses might send the pair toward 1.1500.

USD/JPY Technical Analysis

On the hourly chart of USD/JPY at FXOpen, the pair started a fresh upward move from 146.20. The US Dollar gained bullish momentum above 146.50 against the Japanese Yen.

It even cleared the 50-hour simple moving average and 147.50. The pair climbed above 148.00 and traded as high as 148.10. It’s now consolidating gains above the 50% Fib retracement level of the upward move from the 146.73 swing low to the 148.10 high.

The current price action above 147.40 is positive. Immediate resistance on the USD/JPY chart is near a bearish trend line at 147.70 and the 50-hour simple moving average.

The first key hurdle is near 147.95. If there is a close above 147.95 and the RSI moves above 50, the pair could rise toward 148.10. The next major stop for the bulls could be 148.50, above which the pair could test 150.00 in the coming days.

On the downside, the first major support is 147.40. The next area of interest for buyers could be near the 76.4% Fib retracement at 147.05.

If there is a close below 147.05, the pair could decline steadily. In the stated case, the pair might drop toward 146.20. Any more losses might open the doors for a drop to 145.00.

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