EUR/USD climbed higher and tested the 1.1680 resistance. USD/JPY managed to reclaim 156.00 and might aim for more gains.
Important Takeaways for EUR/USD and USD/JPY Analysis Today
- The Euro started a downside correction from the 1.1680 pivot zone.
- There is a key declining channel forming with resistance at 1.1640 on the hourly chart of EUR/USD at FXOpen.
- USD/JPY climbed higher above 155.50 and 156.00.
- There is a bullish trend line forming with support near 156.30 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 1.1550. The Euro cleared a few key hurdles near 1.1600 to move into a positive zone against the US Dollar.
The pair settled above 1.1600 and the 50-hour simple moving average. A high was formed at 1.1681, and the pair started a downside correction. There was a drop below 1.1650, and the pair tested the 50% Fib retracement level of the upward move from the 1.1555 swing low to the 1.1681 high.
However, the bulls are active above 1.1620. On the upside, the pair is now facing bears near 1.1640 and 1.1650. There is also a key declining channel forming with resistance at 1.1640.
The next breakout region sits at 1.1680. An upside break above 1.1680 could set the pace for another increase. In the stated case, the pair might rise toward 1.1750. Immediate support is 1.1620. The first major key area of interest on the EUR/USD chart is near the 76.4% Fib retracement at 1.1585.
If there is a downside break below 1.1585, the pair could drop toward 1.1555. The next key breakdown area sits at 1.1520, 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 154.35. The US Dollar gained bullish momentum above 155.00 against the Japanese Yen.
It settled above the 50-hour simple moving average and 156.00. The upward move was such that the pair even tested 156.90. A high was formed at 156.93 and the pair is now consolidating gains. There was a minor pullback below 156.75.
The current price action is positive, and the pair seems to be aiming for more gains. There is also a bullish trend line forming with support near 156.30 and the 23.6% Fib retracement level of the upward move from the 154.34 swing low to the 156.93 high.
Immediate resistance on the USD/JPY chart is near 156.90. The first key hurdle sits at 157.00. If there is a close above 157.00 and the RSI moves above 60, the pair could rise toward 157.50. The next stop for the bulls might be 157.80, above which the pair could test 158.40 in the coming days.
On the downside, the first major support is near the trend line at 156.30. The next area of interest could be near 155.65, below which the pair could test the 61.8% Fib retracement at 155.35. Any more losses could open the doors for a move toward 154.35.
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