EUR/USD Showing Positive Signs, USD/JPY Turns Red

FXOpen

EUR/USD started a fresh increase after testing the 1.1950 support zone. USD/JPY declined below the 105.00 support and tested the 104.50 zone.

Important Takeaways for EUR/USD and USD/JPY

  • The Euro found support near the 1.1950 region and it started a fresh increase above 1.2050.
  • There is a key bullish trend line forming with support near 1.2100 on the hourly chart of EUR/USD.
  • USD/JPY declined heavily below the 105.20 and 105.00 support levels.
  • There was a break below a major bullish trend line with support at 105.30 on the hourly chart.

EUR/USD Technical Analysis

This past week, the Euro declined below the 1.2050 and 1.2000 support levels against the US Dollar. The EUR/USD pair traded close to the 1.1950 zone, where it found support.

A low was formed near 1.1952 on FXOpen before the pair started a fresh increase. It climbed back above the 1.2000 level and the 50 hourly simple moving average. There was also a break above the 50% Fib retracement level of the downward move from the 1.2155 swing high to 1.1952 low.

EUR/USD Technical Analysis Euro Dollar

It is now trading above the 76.4% Fib retracement level of the downward move from the 1.2155 swing high to 1.1952 low. There is also a key bullish trend line forming with support near 1.2100 on the hourly chart of EUR/USD.

An immediate resistance is near the 1.2120 level. The main resistance is near the 1.2155, above which EUR/USD is likely to accelerate higher towards the 1.2200 resistance area.

Conversely, the pair could start a fresh decline below the 1.2100 support and the trend line. The first major support is near the 1.2075 level and the 50 hourly simple moving average.

If there is a downside break below the 50 hourly simple moving average, the pair could dive towards the 1.2000 handle in the near term. Any more losses might call for a retest of the 1.1950 support level.

USD/JPY Technical Analysis

The US Dollar failed to surpass the 105.80 and 106.00 resistance levels against the Japanese Yen. As a result, the USD/JPY pair started a fresh decline below the 105.20 support level.

The pair broke the 105.00 support level and the 50 hourly simple moving average. It traded as low as 104.49 and it is currently consolidating losses. An immediate resistance is near the 104.75 level.

USD/JPY Technical Analysis Dollar Yen

It is close to the 23.6% Fib retracement level of the downward move from the 105.67 high to 104.99 low. The first key resistance is near the 104.85 level. A clear break above the 104.85 level may possibly lead the pair towards the 105.00 resistance and the 50 hourly simple moving average.

The next major resistance could be near the 50% Fib retracement level of the downward move from the 105.67 high to 104.99 low. Any more upsides might call for a test of the key 105.50 resistance level. An intermediate resistance could be near the 105.15 level.

Conversely, there is a risk of more losses below the 104.55 and 104.50 support levels. The next major support is near the 104.00 level.

If USD/JPY fails to stay above the 104.00 support level, there are chances of a downside extension towards the 103.20 support level in the near term.

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

Commodities and European currencies Test Key Supports EUR/USD Analysis: The Price Today Has Set Its Minimum Since the Beginning of March Market Analysis: GBP/USD Dives While USD/CAD Gains Bullish Pace The US Currency Corrects After Recent Growth USD/JPY Price Analysis: Consolidation ahead of US News

Latest articles

Indices

Although UK-100 Index Is Near All-time Highs, UK Economy Slips into Recession

Technically, a national economic recession is defined as two consecutive quarters of contraction, and yesterday's Office for National Statistics data confirmed that this has happened — UK GDP fell in the third and fourth quarters of 2023 by 0.1% and

Cryptocurrencies

DOGE Price Increases by 170% in Less Than 2 Months

On February 1, 2024, the DOGE/USD rate was = 0.0783. On the last Friday of March, it rose to 0.2150. The rising price means Dogecoin is now the eighth-largest cryptocurrency in the world by market capitalization, overtaking Cardano

Commodities

Market Analysis: Gold Price and Crude Oil Price Gain Bullish Momentum

Gold price started a steady increase above the $2,200 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $85.00.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price started a decent increase

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.