The USD/JPY pair has shown significant strength as it broke through the resistance level of 158.20. This movement was supported by a bullish trend line forming with a key support level at 158.20 on the 4-hour chart. The pair is currently approaching the 159.20 resistance zone, with potential for further gains towards the 160.00 level. However, a failure to break above the 159.50 resistance could lead to a retracement towards the 158.20 support level. In the event of a breakdown below 157.80, the pair may face a larger decline towards the 157.20 level.
EUR/USD Resistance Struggles
On the other hand, the EUR/USD pair is facing challenges in overcoming the 1.0765 resistance zone. Despite a minor correction in losses, the bulls are finding it difficult to push the pair higher. As a result, the pair remains range-bound and is likely to continue its struggle until a clear breakout above the resistance level is achieved.
Economic Releases Impact
Various economic releases in Germany, Euro Zone, UK, and the US are expected to influence the forex market trends. Forecasts for Manufacturing and Services PMI data for July 2024 suggest potential shifts in market sentiment. Any surprises in the data could trigger volatility in the respective currency pairs, leading to significant price movements.
The USD/JPY pair is showing bullish momentum, while the EUR/USD pair is facing resistance struggles. Economic releases are anticipated to impact market trends significantly, providing opportunities for traders to capitalize on potential price movements. It is essential for traders to stay informed about upcoming data releases and technical analysis to make informed trading decisions in the forex market.
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