EUR/USD is once again trading below the 1.0615 support level. USD/JPY has experienced a surge and broken the 151.00 resistance zone.
Important Takeaways for EUR/USD and USD/JPY Analysis Today
- The Euro has started a new downward trend below the 1.0675 support zone.
- There has been a break below a significant bullish trend line with support at 1.0570 on the hourly chart of EUR/USD at FXOpen.
- USD/JPY has seen an increase above the 150.00 and 151.00 levels.
- There has been a break above a major bearish trend line with resistance at 149.85 on the hourly chart at FXOpen.
EUR/USD Technical Analysis
According to the hourly chart of EUR/USD at FXOpen, the pair continues to remain bearish below the 1.0700 level, as discussed in the previous analysis. The Euro has fallen below the 1.0615 support level against the US Dollar.
The pair has even dropped below the 1.0595 level and the 50-hour simple moving average. More significantly, there has been a break below a key bullish trend line with support at 1.0570. A low has been formed around 1.0557 and the pair is now consolidating its losses.
On the upside, the pair is currently facing resistance near the 23.6% Fibonacci retracement level of the recent decline from the 1.0675 swing high to the 1.0557 low at 1.0585.
The next key resistance is near the 50-hour simple moving average at 1.0595. The first major resistance is the 50% Fibonacci retracement level of the recent decline from the 1.0675 swing high to the 1.0557 low at 1.0615.
If the pair manages to break above the 1.0615 level, it could potentially move towards the 1.0675 resistance level. A further upside break above 1.0675 could pave the way for another increase, potentially reaching 1.0750.
If not, the pair may resume its decline. The first significant support on the EUR/USD chart is near 1.0560. The next key support is at 1.0525. If there is a downside break below 1.0525, the pair could drop towards 1.0500. The next support level is near 1.0485, below which the pair could experience a major decline.
USD/JPY Technical Analysis
On the hourly chart of USD/JPY at FXOpen, the pair initiated a strong increase starting from the 148.80 zone. The US Dollar gained bullish momentum above 150.00 against the Japanese Yen.
The pair settled above the 50-hour simple moving average and 151.00. However, it struggled to surpass the 151.75 zone. It is currently undergoing a correction from the 151.70 high, with a move below the 151.50 level.
On the downside, the first major support is near the 23.6% Fibonacci retracement level of the upward move from the 148.80 swing low to the 151.70 high. The next major support is near the 50-hour simple moving average at 150.25.
The 50% Fibonacci retracement level of the upward move from the 148.80 swing low to the 151.70 high is also at 150.25. If there is a close below 150.25, the pair could experience a steady decline.
In such a scenario, the pair might drop towards the 149.90 support zone. The next support level for bears could potentially be around the 148.80 region.
Immediate resistance on the USD/JPY chart is near the 151.70 zone. The first major resistance is near 152.00. If the pair manages to close above the 152.00 level and the RSI remains above 50, it could rise towards 152.20. The next significant resistance level is near 154.00, and if surpassed, the pair could test 155.00 in the coming days.
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