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    Market Overview: EUR/USD Attempts a Rebound as USD/JPY…

    EUR/USD is trying to recover after finding support near 1.1450, while USD/JPY is retreating from recent peaks above 160.00 and may extend its decline towards lower levels. Key Points
    • The euro slipped below 1.1600 before stabilising and attempting a recovery.
    • A bearish trend line is forming on EUR/USD, with resistance around 1.1575 on the hourly chart (FXOpen).
    • USD/JPY rallied strongly but encountered selling pressure near 160.45.
    • A downward trend line is also developing on USD/JPY, with resistance close to 159.20.
    EUR/USD Technical Outlook On the hourly chart, EUR/USD declined from the 1.1640 area, falling below 1.1600 and 1.1520 against the US dollar. The pair extended losses beneath 1.1500 and the 50-hour moving average, eventually testing the 1.1445 region. After forming a low at 1.1443, the pair began to recover. The rebound pushed prices back above 1.1500 and the 50-hour moving average, and beyond the 50% Fibonacci retracement of the recent decline. However, resistance is now building near 1.1575, which aligns with both the 61.8% retracement level and a descending trend line. A break above 1.1605 could strengthen bullish momentum and open the way towards 1.1640. On the downside, initial support lies around 1.1520, followed by 1.1480. A drop below 1.1480 may lead to a retest of 1.1445, while a deeper decline could expose the 1.1400 level. USD/JPY Technical Outlook USD/JPY has shifted into a corrective phase after peaking above 160.00. The pair declined below 159.50, gaining bearish momentum and moving under both 159.00 and the 50-hour moving average. A short-term low has formed at 158.44, with prices now consolidating. Immediate support is seen near 158.45, followed by the key 158.00 level. A sustained move below 158.00 could accelerate losses towards 156.80, with further downside potentially extending to 155.00. On the upside, initial resistance stands near 158.90 (23.6% Fibonacci retracement). If the pair breaks higher and RSI strengthens above 50, a move towards 159.20 becomes likely, where a bearish trend line may cap gains. Beyond that, 159.45 is the next key barrier, and a break above it could bring 160.00 back into focus. FXOpen offers spreads from 0.0 pips and commissions from $1.50 per lot (additional fees may apply). Enjoy trading on MT4, MT5, TickTrader or TradingView trading platforms! The FXOpen App is a dedicated mobile application designed to give traders full control of their accounts anytime, anywhere. 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.