Market Analysis: EUR/USD Takes Hit While USD/JPY Turns Green

FXOpen

EUR/USD started a fresh decline below 1.1145. USD/JPY climbed higher above 141.00, but it might now correct gains in the near term.

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

  • The Euro declined below the 1.1145 and 1.1095 support levels.
  • There is a major bearish trend line forming with resistance near 1.1095 on the hourly chart of EUR/USD at FXOpen.
  • USD/JPY climbed higher above the 140.00 and 141.35 levels.
  • There is a key bearish trend line forming with resistance near 141.35 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 1.1230 zone. The Euro declined below the 1.1140 support zone against the US Dollar.

The pair even settled below the 1.1095 zone and the 50-hour simple moving average. A low is formed near 1.1020, and the pair is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the 1.1146 swing high to the 1.1020 low.

On the upside, the pair is now facing resistance near the 50-hour simple moving average at 1.1065. The next major resistance is near a bearish trend line at 1.1095.

The 50% Fib retracement level of the recent decline from the 1.1146 swing high to the 1.1020 low is also near 1.1095. An upside break above 1.1095 could set the pace for another increase. In the stated case, the pair might rise toward 1.1140.

If not, the pair might resume its decline. The first major support is near 1.1020. 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 main support on the EUR/USD chart is near 1.0920, 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 above the 140.00 resistance zone. The US Dollar gained bullish momentum above 141.00 against the Japanese Yen.

The pair tested the 142.00 zone, and a high was formed near 141.94. It is now correcting gains below the 50-hour simple moving average. USD/JPY is testing the 23.6% Fib retracement level of the upward move from the 137.68 swing low to the 141.94 high.

On the downside, the first major support is near 140.80. The next major support is near the 140.00 level or the 50% Fib retracement level of the upward move from the 137.68 swing low to the 141.94 high. If there is a close below 140.00, the pair could decline steadily.

In the stated case, the pair might drop toward 139.10. The next stop for the bears may perhaps be near the 138.00 pivot region.

Immediate resistance on the USD/JPY chart is near a bearish trend line at 141.35 and the 50-hour simple moving average. The first major resistance is near 142.00.

If there is a close above the 142.00 level and RSI moves above 60, the pair could rise toward 142.80. The next major resistance is near 143.50, above which the pair could test 144.00 in the coming days.

Trade global forex with the Innovative Broker of 2022*. Choose from 50+ forex markets 24/5. Open your FXOpen account now or learn more about trading forex with FXOpen.

* FXOpen International, Innovative Broker of 2022, according to the IAFT

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.

Latest from Forex Analysis

Market Analysis: Dollar Falls from 10-month High Market Analysis: US Currency Continues to Grow Ahead of GDP Data Release Market Analysis: Gold and Commodity Currencies Resume Their Decline Market Analysis: EUR/USD Takes Hit While USD/CHF Surges Market Analysis: The Yen and European Currencies Headed to New Lows

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: Inflation, EUR/USD, S&P 500, OIL

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights. Inflation Still Dogs the

Forex Analysis

Market Analysis: Dollar Falls from 10-month High

EUR/USDThe euro rose on Thursday as the dollar retreated since investors remained cautious ahead of key inflation figures due on Friday. Data on Thursday showed the US economy maintained fairly strong growth in Q2, with an unrevised annual rate

Indices

US 30 Analysis: Dow Jones Finds Support

September is likely to be the second month in a row that the Dow Jones (US 30) stock market index declined. The last time this happened was... also in September, a year ago. Important economic data was published yesterday: → According

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.