EUR/USD Remains At Risk, USD/JPY Eyes More Upsides

FXOpen

EUR/USD started a major decline and it traded below 1.1800. USD/JPY is attempting an upside break above the 110.00 resistance zone.

Important Takeaways for EUR/USD and USD/JPY

  • The Euro is facing an increase in selling pressure below the 1.1800 level.
  • There is a major bearish trend line forming with resistance near 1.1800 on the hourly chart of EUR/USD.
  • USD/JPY started a fresh increase after it found support near the 109.10 zone.
  • There is a key bearish trend line forming with resistance near 110.00 on the hourly chart.

EUR/USD Technical Analysis

After a close below 1.1850, the Euro started a major decline against the US Dollar. The EUR/USD pair gained bearish momentum and it broke the 1.1820 support zone.

The pair settled below the 1.1800 level and the 50 hourly simple moving average. It traded as low as 1.1755 on FXOpen and the pair is still showing a lot of bearish signs. Recently, there was a minor upside correction above 1.1770.

EUR/USD Technical Analysis Euro Dollar

The pair surpassed the 23.6% Fib retracement level of the recent decline from the 1.1825 high to 1.1755 low. It is now facing resistance near the 1.1780 level.

The first key resistance is 1.1790 zone and the 50 hourly simple moving average. It is close to the 50% Fib retracement level of the recent decline from the 1.1825 high to 1.1755 low. There is also a major bearish trend line forming with resistance near 1.1800 on the hourly chart of EUR/USD.

A close above 1.1780 and 1.1800 could open the doors for a steady increase. If not, the pair might continue to move down below 1.1765. An intermediate support is near the 1.1755 level.

The next major support is near the 1.1750 level, below which the pair could drop towards the 1.1700 support in the near term.

USD/JPY Technical Analysis

The US Dollar started a fresh increase from the 109.10 zone against the Japanese Yen. The USD/JPY pair broke the 109.50 and 109.65 resistance levels.

There was a proper break above the 50% Fib retracement level of the key decline from the 110.33 high to 109.06 swing low. The pair even settled above the 110.50 level and the 50 hourly simple moving average.

USD/JPY Technical Analysis Dollar Yen

The pair is now facing resistance near the 110.00 level. There is also a key bearish trend line forming with resistance near 110.00 on the hourly chart.

The 76.4% Fib retracement level of the key decline from the 110.33 high to 109.06 swing low might also act as a resistance near 110.05. The next major resistance is near the 110.35 level, above which the pair is likely to rise steadily in the coming sessions.

In the stated case, the pair could test 111.00. An intermediate resistance could be near 110.80. On the downside, an immediate support is near the 109.75 level and the 50 hourly SMA.

The main support is near the 109.50 level. A downside break and close below 109.50 could open the doors for a fresh decline toward the 109.00 zone. The next major support could be 108.80, below which the USD/JPY pair might continue to move down towards the 108.50 level in the near term.

This forecast represents FXOpen Markets Limited opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Markets Limited products and services or as financial advice.

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

US Dollar Shows Record Weekly Gain Since Mid-January USD Strengthens Sharply after Inflation News USD/JPY: Analysts Adjust Forecasts for the Strengthening of the Yen Major Currency Pairs Consolidating after the Release of US Inflation Data GBP/USD: Bulls Show Resilience amid Inflation and GDP News

Latest articles

Forex Analysis

US Dollar Shows Record Weekly Gain Since Mid-January

The US dollar strengthened on Friday ahead of a series of highly anticipated central bank meetings next week, including the US Federal Reserve. The dollar rose 1.3% for the week, its biggest gain since mid-January, after a mixed batch

Shares

Tesla Stock Hits a Low Point as Musk Sues Openai - Is This Year a Total Write-Off?

Occasionally during the course of industrial progress, there is a maverick; a voice that is known for continual disruption and maintaining a high-profile position whilst engaging in such disruption. The figure of this decade is Elon Musk, a self-starter whose

Trader’s Tools

Analytical Forecasts: How Much AAPL Stock May Cost in the Next 10 Years

In today’s tech landscape, Apple Inc. has consistently been at the forefront, shaping the future with its innovative products and services. As investors and enthusiasts alike ponder the future value of Apple stock, particularly looking ahead to the next

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.