Market Analysis: EUR/USD Dips Again While USD/JPY Gains Traction

<img src="https://images.unsplash.com/photo-1621280336935-ed7cae618aac?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wxMTc3M3wwfDF8c2VhcmNofDF8fGV1cm98ZW58MHx8fHwxNjkxNTY3NDQ0fDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=2000" alt="Market Analysis: EUR/USD Dips Again While USD/JPY Gains Traction" /><p><em>EUR/USD started a fresh decline from 1.1040. USD/JPY is rising and might climb further toward the 145.00 resistance zone.</em></p><h2>Important Takeaways for EUR/USD and USD/JPY Analysis Today</h2><p>· The Euro started a fresh decline from the 1.1040 resistance zone.</p><p>· There is a key bearish trend line forming with resistance near 1.0975 on the hourly chart of EUR/USD at FXOpen.</p><p>· USD/JPY climbed higher above the 142.50 and 143.00 levels.</p><p>· There is a major bullish trend line forming with support near 143.00 on the hourly chart at FXOpen.</p><h2>EUR/USD Technical Analysis</h2><p>On the hourly chart of EUR/USD at FXOpen, the pair started a fresh decline from the 1.1040 zone. The Euro declined below the 1.1015 support zone against the US Dollar.</p><p>The pair even settled below the 1.1000 zone and the 50-hour simple moving average. A low is formed near 1.0929 and the pair is now correcting losses above the 23.6% Fib retracement level of the recent decline from the 1.1042 swing high to the 1.0929 low.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/08/eurusd–14-.png" alt="Market Analysis: EUR/USD Dips Again While USD/JPY Gains Traction" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/08/eurusd–14-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/08/eurusd–14-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/08/eurusd–14-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/08/eurusd–14-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>On the upside, the pair is now facing resistance near the 50-hour simple moving average at 1.0975 and a key bearish trend line. The next major resistance is near 1.1015.</p><p>The 76.4% Fib retracement level of the recent decline from the 1.1042 swing high to the 1.0929 low is also near 1.1015. The main resistance is still near 1.1040. An upside break above 1.1040 could set the pace for another increase. In the stated case, the pair might rise toward 1.1100.</p><p>If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0930. The next key support is near 1.0910. If there is a downside break below 1.0910, the pair could drop toward 1.0880. The main support is near 1.0850, below which the pair could start a major decline.</p><h2>USD/JPY Technical Analysis</h2><p>On the hourly chart of USD/JPY at FXOpen, the pair started a decent increase from the 141.50 zone. The US Dollar gained bullish momentum above 142.50 against the Japanese Yen.</p><p>It settled above the 50-hour simple moving average and 143.00. A high is formed near 143.49 and the pair is now consolidating gains. It is holding the 23.6% Fib retracement level of the upward move from the 141.51 swing low to the 143.49 high.</p><figure><img src="https://fxopen.com/blog/en/content/images/2023/08/usdjpy–6-.png" alt="Market Analysis: EUR/USD Dips Again While USD/JPY Gains Traction" loading="lazy" width="2000" height="1099" srcset="https://fxopen.com/blog/en/content/images/size/w600/2023/08/usdjpy–6-.png 600w, https://fxopen.com/blog/en/content/images/size/w1000/2023/08/usdjpy–6-.png 1000w, https://fxopen.com/blog/en/content/images/size/w1600/2023/08/usdjpy–6-.png 1600w, https://fxopen.com/blog/en/content/images/size/w2400/2023/08/usdjpy–6-.png 2400w" sizes="(min-width: 720px) 720px" /></figure><p>On the downside, the first major support is near a trend line at 143.00. The next major support is near the 142.50 level or the 50% Fib retracement level of the upward move from the 141.51 swing low to the 143.49 high. If there is a close below 142.50, the pair could decline steadily.</p><p>In the stated case, the pair might drop toward 141.50. The next stop for the bears may perhaps be near the 140.00 handle.</p><p>Immediate resistance on the USD/JPY chart is near 143.45. The first major resistance is near 143.80. If there is a close above the 143.80 level and RSI moves above 60, the pair could rise toward 144.50. The next major resistance is near 144.80, above which the pair could test 145.00 in the coming days.</p>