EUR/USD started a fresh decline from 1.1200. USD/JPY is correcting gains and might test the 144.15 support in the near term.

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

· The Euro started a fresh decline below the 1.1150 support.

· There is a key bearish trend line forming with resistance at 1.1055 on the hourly chart of EUR/USD at FXOpen.

· USD/JPY struggled near 147.20 and recently started a downside correction.

· There was a break below a major bullish trend line with support at 145.80 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 1.1200 zone. The Euro declined below the 1.1150 support zone to enter a bearish zone against the US Dollar.

The pair even settled below the 1.1110 zone and the 50-hour simple moving average. A low was formed near 1.1026 and the pair is now correcting losses. It is now approaching the 23.6% Fib retracement level of the recent decline from the 1.1190 swing high to the 1.1026 low.

On the upside, the pair is now facing resistance near the 50-hour simple moving average at 1.1055. There is also a key bearish trend line forming with resistance at 1.1055.

The next major resistance is near 1.1065. The main resistance is now near 1.1110 and the 50% Fib retracement level of the recent decline from the 1.1190 swing high to the 1.1026 low. An upside break above 1.1110 could set the pace for another increase. In the stated case, the pair might rise toward 1.1150.

If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.1025. The next key support is near 1.1000. If there is a downside break below 1.1000, the pair could drop toward 1.0965. The next support is near 1.0950, 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 144.00 zone. The US Dollar gained bullish momentum above 145.50 against the Japanese Yen.

The pair even climbed above 147.00 before the bears appeared near 147.20. As a result, the pair started a downside correction below the 50-hour simple moving average and 146.00. There was a break below a major bullish trend line with support at 145.80.

The pair tested the 145.00 zone. A low was formed at 144.89 and the pair is now consolidating losses. Immediate resistance on the USD/JPY chartis near the 23.6% Fib retracement level of the downward move from the 147.20 swing high to the 144.89 low.

The first major resistance is near the 50% Fib retracement level of the downward move from the 147.20 swing high to the 144.89 low at 146.05. If there is a close above the 146.05 level and the RSI moves above 50, the pair could rise toward 146.65.

The next major resistance is near 147.20, above which the pair could test 148.00 in the coming days. On the downside, the first major support is near the 145.05 level.

A downside break below the 145.05 support might spark strong bearish moves. The next major support is near 144.15. If there is a close below 144.15, the pair could decline steadily. In the stated case, the pair might drop toward 143.20. The next stop for the bears may perhaps be near the 142.50 zone.

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