EUR/USD Revisits Support While USD/JPY Eyes Bigger Recovery Move

EUR/USD declined from 1.1800 and traded below 1.1750. USD/JPY is rising and might gain pace above 158.00 and 158.80.

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

• The Euro started a fresh decline after a decent move to 1.1800.
• There was a break below a key bullish trend line with support at 1.1765 on the hourly chart of EUR/USD at FXOpen.
• USD/JPY climbed higher above the 156.40 and 157.10 levels.
• There is a major bullish trend line forming with support at 157.40 on the hourly chart at FXOpen.

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair climbed above the 1.1780 resistance zone before the bears appeared, as discussed in the previous analysis. The Euro started a fresh decline and traded below 1.1765 against the US Dollar.

There was a break below a key bullish trend line with support at 1.1765. The pair declined below 1.1750 and tested 1.1720. A low was formed near 1.1721 and the pair started a consolidation phase.

There was a minor recovery wave above 1.1740 and the 23.6% Fib retracement level of the downward move from the 1.1787 swing high to the 1.1721 low. EUR/USD is still trading below 1.1750 and the 50-hour simple moving average.

On the upside, the pair is now facing hurdles near 1.1745. The next key resistance is 1.1755 and the 50% Fib retracement. The main barrier for the bulls could be 1.1785. A clear move above 1.1785 could send the pair toward 1.1840. An upside break above 1.1840 could set the pace for another increase. In the stated case, the pair might rise toward 1.1920.

If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.1720. The next important region for buyers sits at 1.1700. If there is a downside break below 1.1700, the pair could drop toward 1.1675. Any more losses might send the pair toward 1.1640.

USD/JPY Technical Analysis

On the hourly chart of USD/JPY at FXOpen, the pair started a fresh upward move from 155.00. The US Dollar gained bullish momentum above 156.50 against the Japanese Yen.

It even cleared the 50-hour simple moving average and 157.00. The pair climbed above 157.50 and traded as high as 157.78. The pair is now consolidating gains above the 23.6% Fib retracement level of the upward move from the 155.03 swing low to the 157.78 high.

The current price action above 157.40 is positive. Immediate resistance on the USD/JPY chart sits at 157.80. The first key hurdle is near 158.00. If there is a close above 158.00 and the RSI moves above 65, the pair could rise toward 158.80.

The next major stop for the bulls could be 159.50, above which the pair could test 160.00 in the coming days. On the downside, the first major support is 157.40, a bullish trend line, and the 50-hour simple moving average.

The next area of interest for buyers could be 157.10. If there is a close below 157.10, the pair could decline steadily. In the stated case, the pair might drop toward the 50% Fib retracement at 156.40. Any more losses might open the doors for a drop to 155.00.

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