Market Analysis: EUR/USD Turns Green While USD/JPY Faces Hurdle

FXOpen

EUR/USD started a fresh increase above the 1.0740 resistance. USD/JPY is consolidating and facing hurdles near the 140.45 level.

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

· The Euro is rising and trading well above the 1.0740 resistance zone.

· There is a key bullish trend line forming with support near 1.0785 on the hourly chart of EUR/USD at FXOpen.

· USD/JPY is trading in a positive zone above the 139.65 and 139.15 levels.

· There was a break above a bearish trend line with resistance near 139.65 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 from the 1.0670 zone. The Euro climbed above the 1.0710 resistance zone against the US Dollar.

The pair even settled above the 1.0740 resistance and the 50-hour simple moving average. Finally, the bears appeared near the 1.0820 zone. A high is formed near 1.0818 and the pair is now consolidating gains.

It traded below the 23.6% Fib retracement level of the upward move from the 1.0743 low to the 1.0818 high. The first major support is near a key bullish trend line at 1.0785 and the 50-hour simple moving average.

The trend line is close to the 50% Fib retracement level of the upward move from the 1.0743 low to the 1.0818 high. If there is a downside break below 1.0785, the pair could drop toward the 1.0740 support. The next major support on the EUR/USD chart is near 1.0710, below which the pair could start a major decline.

On the upside, the pair is now facing resistance near 1.0820. The next major resistance is near the 1.0850 level. An upside break above 1.0850 could set the pace for another increase. In the stated case, the pair might visit 1.0920.

USD/JPY Technical Analysis

On the hourly chart of USD/JPY at FXOpen, the pair started a fresh increase from the 139.00 zone. It gained bullish momentum and was able to clear the 139.50 resistance.

There was also a break above a bearish trend line with resistance near 139.65 and the 50-hour simple moving average. However, the bears are active near the 140.25 resistance zone. A high was formed near 140.30 before the pair corrected lower.

The pair is now trading near the 23.6% Fib retracement level of the upward move from the 139.01 swing low to the 140.30 high.

The first major support on the USD/JPY chart is near the 50-hour simple moving average at 139.65. It is close to the 50% Fib retracement level of the upward move from the 139.01 swing low to the 140.30 high. The next major support is near the 139.15 level, below which the pair could decline steadily. In the stated case, the pair might dive toward the 138.8 support.

On the upside, the pair is facing resistance near the 140.25 level. The first major resistance is near the 140.45 level. If there is a close above the 140.45 level and RSI moves above 65, the pair could rise toward 141.20. The next major resistance is near 141.50, above which the pair could test 142.00.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

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

USD/JPY Technical Analysis: Yen Strengthens after Comments from Japanese Officials The American Currency Resumes Its Growth Australian Dollar Weakens amid Inflation News Exchange Rates Consolidate at the Beginning of the Week The US Continues to Trump the Euro Economy on Key Metrics, But What Is Next?

Latest articles

Forex Analysis

USD/JPY Technical Analysis: Yen Strengthens after Comments from Japanese Officials

This week has raised alarm bells for USD/JPY market participants who are trading the bullish momentum that has been going on since early 2024 (shown in the blue curved lines on the USD/JPY chart): → Vice Finance Minister Masato

Forex Analysis

The American Currency Resumes Its Growth

The American currency, despite a rather multidirectional fundamental data, resumes growth at the end of February. In the main currency pairs, one can observe both rebounds from key levels and continuation of the main trends. Thus, the USD/CAD pair

Cryptocurrencies

BTC/USD Price Exceeds $60,000 Per Coin

Several factors contributed to this: → Effect associated with the approval of Bitcoin ETF. The media writes that investments in these financial instruments amount to about 9k bitcoins per day, and miners produce only 900 bitcoins per day. The total investment

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. 65.68% 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.