Market Analysis: EUR/USD Tumbles While USD/JPY Seems Unstoppable

FXOpen

EUR/USD remained in a bearish zone and declined below 1.0530. USD/JPY is again rising and might climb toward the 150.00 level.

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

· The Euro started a fresh decline below the 1.0530 support zone.

· There is a short-term bearish trend line forming with resistance near 1.0475 on the hourly chart of EUR/USD at FXOpen.

· USD/JPY climbed higher above the 148.00 and 148.75 levels.

· There was a rejection noticed near a bearish trend line at 150.15 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair remained in a bearish zone below the 1.0650 level, as mentioned in the previous analysis. The Euro declined below the 1.0530 support zone against the US Dollar.

The pair even settled below the 1.0500 zone and the 50-hour simple moving average. A low is formed near 1.0448 and the pair is now consolidating losses. On the upside, the pair is now facing resistance near a short-term bearish trend line at 1.0475.

The next key resistance is near the 50-hour simple moving average and the 23.6% Fib retracement level of the recent decline from the 1.0617 swing high to the 1.0448 low at 1.0485.

A clear move above the 1.0485 level could send the pair toward the 1.0530 resistance. It is close to the 50% Fib retracement level of the recent decline from the 1.0617 swing high to the 1.0448 low. An upside break above 1.0530 could set the pace for another increase. In the stated case, the pair might rise toward 1.0615.

If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0450. The next key support is at 1.0420. If there is a downside break below 1.0420, the pair could drop toward 1.0380. The next support is near 1.0335, 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 145.00 zone. The US Dollar gained bullish momentum above 148.00 against the Japanese Yen.

It settled above the 50-hour simple moving average and 148.75. However, the pair faced a rejection noticed near a bearish trend line at 150.15. There was a sharp decline below the 148.00 level. However, it turned out to be a false move and the price trimmed most losses.

It is back above the 148.75 level and the 61.8% Fib retracement level of the downward move from the 150.15 swing high to the 147.32 low.

Immediate resistance on the USD/JPY chart is near the 50-hour simple moving average at 149.50. It is close to the 76.4% Fib retracement level of the downward move from the 150.15 swing high to the 147.32 low.

The first major resistance is near 150.15. If there is a close above the 150.15 level and the RSI moves above 50, the pair could rise toward 151.20. The next major resistance is near 152.00, above which the pair could test 153.50 in the coming days.

On the downside, the first major support is near 148.75. The next major support is 148.00. If there is a close below 148.00, the pair could decline steadily.

In the stated case, the pair might drop toward the 147.30 support zone. The next stop for the bears may perhaps be near the 145.50 region.

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