Market Analysis: EUR/USD Starts Increase While USD/JPY Dips

FXOpen

EUR/USD gained bullish momentum above the 1.0800 resistance. USD/JPY is declining and showing bearish signs below the 150.40 level.

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

· The Euro remained in a bullish zone and climbed above the 1.0800 resistance zone.

· There is a key bullish trend line forming with support near 1.0790 on the hourly chart of EUR/USD at FXOpen.

· USD/JPY is trading in a bearish zone below the 150.40 and 150.15 levels.

· There is a major bearish trend line forming with resistance near 150.15 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase above the 1.0745 zone. The Euro climbed above the 1.0800 resistance zone against the US Dollar.

The pair even settled above the 1.0800 resistance and the 50-hour simple moving average. Finally, it tested the 1.0840 resistance. A high is formed near 1.0838 and the pair is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the 1.0761 swing low to the 1.0838 high.

Immediate support is near the 1.0800 level. The next major support is at 1.0790. There is also a key bullish trend line forming with support near 1.0790 and the 50-hour simple moving average. It coincides with the 61.8% Fib retracement level of the upward move from the 1.0761 swing low to the 1.0838 high.

If there is a downside break below 1.0790, the pair could drop toward the 1.0745 support. The main support on the EUR/USD chart is near 1.0695, below which the pair could start a major decline.

On the upside, the pair is now facing resistance near 1.0840. The next major resistance is near the 1.0885 level. An upside break above 1.0885 could set the pace for another increase. In the stated case, the pair might rise toward 1.0950.

USD/JPY Technical Analysis

On the hourly chart of USD/JPY at FXOpen, the pair started a steady decline well above the 150.80 zone. The US Dollar gained bearish momentum below the 150.40 support against the Japanese Yen.

The pair even settled below the 150.00 level and the 50-hour simple moving average. There was a spike below the 50% Fib retracement level of the upward move from the 148.92 swing low to the 150.88 high.

On the downside, the first major support is near 149.65. It is close to the 61.8% Fib retracement level of the upward move from the 148.92 swing low to the 150.88 high. The next major support is near the 149.40 level.

If there is a close below 141.90, the pair could decline steadily. In the stated case, the pair might drop toward the 148.90 support.

Immediate resistance on the USD/JPY chart is near the 50-hour simple moving average.  The first major resistance is near a bearish trend line at 150.15. If there is a close above the 150.15 level and the hourly RSI moves above 50, the pair could rise toward 150.40. The next major resistance is near 150.90, above which the pair could test 152.50 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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