Japanese Yen Gains Ground: Analysis For USD/JPY, EUR/USD, AUD/USD, NZD/USD

USD/JPY Remains Under Pressure

USD/JPY continues to move lower as traders focus on the pullback in Treasury yields. From a big picture point of view, traders prepare for Fed decision and comments, which are expected to be dovish.

USD/JPY is moving in a downward channel and is currently trying to settle below the 141.00 level. In case this attempt is successful, it will head towards the next support level, which is located in the 138.50 – 139.00 range.

EUR/USD Pulls Back From Recent Highs

EUR/USD moved away from recent highs as traders took some profits off the table after the recent rebound. Today, traders will focus on the Euro Area Industrial Production report, which is expected to show that Industrial Production declined by 0.3% month-over-month in July.

If EUR/USD pulls back below the 50 MA at 1.1058, it will head towards the support level at 1.0980 – 1.1000.

AUD/USD Is Losing Some Ground Amid Profit-Taking

 AUD/USD pulled back as traders waited for additional catalysts. It should be noted that precious metals continue to move higher, which may provide additional support to commodity-related currencies.

The nearest resistance level for AUD/USD is located in the 0.6735 – 0.6750 range. RSI remains in the moderate territory, so there is plenty of room to gain momentum in case the right catalysts emerge.

NZD/USD Is Flat After Business NZ PMI Report

NZD/USD is mostly flat as traders react to Business NZ PMI report, which indicated that Business NZ PMI improved from 44.4 in July to 45.8 in August. Analysts expected that Business NZ PMI will grow to 47, so the report missed expectations.

If NZD/USD climbs above the 0.6200 level, it will head towards the nearest resistance, which is located in the 0.6235 – 0.6250 range. On the support side, a move below the 50 MA at 0.6172 will open the way to the test of the support at 0.6050 – 0.6065.

For a look at all of today’s economic events, check out our economic calendar.