Market Analysis: EUR/USD Takes Hit While USD/JPY Turns Green

<img src="https://fxopen.com/blog/en/content/images/2023/07/Euro-EUR-USD-1.jpg" alt="Market Analysis: EUR/USD Takes Hit While USD/JPY Turns Green" /><p><em>EUR/USD started a fresh decline below 1.1145. USD/JPY climbed higher above 141.00, but it might now correct gains in the near term.</em></p><h2>Important Takeaways for EUR/USD and USD/JPY Analysis Today</h2><ul><li>The Euro declined below the 1.1145 and 1.1095 support levels.</li><li>There is a major bearish trend line forming with resistance near 1.1095 on the hourly chart of EUR/USD at FXOpen.</li><li>USD/JPY climbed higher above the 140.00 and 141.35 levels.</li><li>There is a key bearish trend line forming with resistance near 141.35 on the hourly chart at FXOpen.</li></ul><h2>EUR/USD Technical Analysis</h2><p>On the hourly chart of EUR/USD at FXOpen, the pair started a fresh decline from the 1.1230 zone. The Euro declined below the 1.1140 support zone against the US Dollar.</p><figure><img src="https://lh3.googleusercontent.com/rtzI94ot-JawhOC19PKOWc-SeV8rz8eH7G86w8yhwy7eC14mvLZhq8oPDbYv3MW7aYnpFjf3v3XZdLHRLllsDwblEq8-LvKYc6mYhc3F2hReLNvqmV5gHx8yW5sSBlQ9MfQyvZ-vDP9M" alt="Market Analysis: EUR/USD Takes Hit While USD/JPY Turns Green" loading="lazy" /></figure><p>The pair even settled below the 1.1095 zone and the 50-hour simple moving average. A low is formed near 1.1020, and the pair is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the 1.1146 swing high to the 1.1020 low.</p><p>On the upside, the pair is now facing resistance near the 50-hour simple moving average at 1.1065. The next major resistance is near a bearish trend line at 1.1095.</p><p>The 50% Fib retracement level of the recent decline from the 1.1146 swing high to the 1.1020 low is also near 1.1095. An upside break above 1.1095 could set the pace for another increase. In the stated case, the pair might rise toward 1.1140.</p><p>If not, the pair might resume its decline. The first major support is near 1.1020. The next key support is near 1.1000. If there is a downside break below 1.1000, the pair could drop toward 1.0965. The main support on the EUR/USD chart is near 1.0920, 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 strong increase above the 140.00 resistance zone. The US Dollar gained bullish momentum above 141.00 against the Japanese Yen.</p><figure><img src="https://lh6.googleusercontent.com/zW8RI-i8whhm_8roG4USUmPidBmYR87-ShunXrmYLi1KYxpzi5FxkCc3qeDwCUSEKrSz62NyNJkoRhNFGG56fOQpRZy1rc9bLBlPpkRjdfzDBl5ai_VrdMZRIYsJ7awpZHMLT9pHUiSI" alt="Market Analysis: EUR/USD Takes Hit While USD/JPY Turns Green" loading="lazy" /></figure><p>The pair tested the 142.00 zone, and a high was formed near 141.94. It is now correcting gains below the 50-hour simple moving average. USD/JPY is testing the 23.6% Fib retracement level of the upward move from the 137.68 swing low to the 141.94 high.</p><p>On the downside, the first major support is near 140.80. The next major support is near the 140.00 level or the 50% Fib retracement level of the upward move from the 137.68 swing low to the 141.94 high. If there is a close below 140.00, the pair could decline steadily.</p><p>In the stated case, the pair might drop toward 139.10. The next stop for the bears may perhaps be near the 138.00 pivot region.</p><p>Immediate resistance on the USD/JPY chart is near a bearish trend line at 141.35 and the 50-hour simple moving average. The first major resistance is near 142.00.</p><p>If there is a close above the 142.00 level and RSI moves above 60, the pair could rise toward 142.80. The next major resistance is near 143.50, above which the pair could test 144.00 in the coming days. <br><br></p><p></p>