Japanese Yen Attempts To Rebound: Analysis For USD/JPY, EUR/USD, AUD/USD, NZD/USD

USD/JPY Pulls Back Amid Profit-Taking

USD/JPY is losing ground as traders take some profits off the table after the strong rebound from September lows. It should be noted that Treasury yields are moving higher, so it remains to be seen whether USD/JPY will be able to gain additional downside momentum in the near term. The yield of 2-year Treasuries moved towards the 1.97% level, while the yield of 10-year Treasuries tested the 4.00% level.

If USD/JPY pulls back below the 148.00 level, it will move towards the nearest support, which is located in the 146.00 – 146.50 range.

EUR/USD Is Flat Ahead Of Retail Sales Report

EUR/USD is flat as traders wait for the Euro Area Retail Sales report. The report is expected to show that Retail Sales increased by 0.2% month-over-month in August.

In case EUR/USD manages to settle below 1.0950, it will gain additional downside momentum and move towards the support at 1.0900 – 1.0915. RSI is in the oversold territory, so the risks of a rebound are increasing.

AUD/USD Pulled Back Below 0.6800

AUD/USD is moving towards the recent lows as demand for commodity-related currencies declines despite the recent rally in the oil markets.

A move below the 0.6780 level will push AUD/USD towards the nearest support level at 0.6750 – 0.6760.

NZD/USD Remains Under Strong Pressure

NZD/USD tests support at 0.6140 – 0.6150 as the strong pullback continues. RSI is in the oversold territory, but traders stay bearish.

If NZD/USD manages to settle below the 0.6140 level, it will head towards the next support level, which is located in the 0.6050 – 0.6060 range. On the upside, NZD/USD needs to climb above the 0.6175 level to have a chance to gain sustainable upside momentum in the near term.

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