Japanese Yen Pulls Back: Analysis For USD/JPY, EUR/USD, AUD/USD, NZD/USD

USD/JPY Attempts To Settle Above 143.00

USD/JPY continues to move away from recent lows as traders focus on the rebound in Treasury yields. The yield of 2-year Treasuries climbed back above the 3.65% level, while the yield of 10-year Treasuries settled near 3.68%.

If USD/JPY settles above the 143.00 level, it will move towards the 50 MA at 143.83. RSI is in the moderate territory, so there is enough room to gain momentum in case the right catalysts emerge.

EUR/USD Is Flat As Traders Wait For ECB Decision

EUR/USD is flat as traders wait for the main event of the week. Today, the ECB will release its Interest Rate Decision. Analysts expect that the ECB will cut the interest rate from 4.25% to 4%. Today, traders had a chance to take a look at Germany’s Wholesale Prices report, which showed that Wholesale Prices declined by 0.8% month-over-month in August. Most likely, the report will not have a major impact on market dynamics as traders will stay focused on the ECB decision.

In case EUR/USD pulls back below the nearest support at 1.0980 – 1.1000, it will move towards the next support level, which is located in the 1.0885 – 1.0900 range.

AUD/USD Continues To Rebound After The Recent Pullback

AUD/USD gains ground amid rising demand for commodity-related currencies. Oil prices continued to rebound as traders focused on Hurricane Francine, while gold moved back towards the $2520 level.

In case AUD/USD manages to settle above the 50 MA at 0.6704, it will head towards the nearest resistance level at 0.6735 – 0.6750.

NZD/USD Pulled Back Below 0.6150

NZD/USD made an attempt to settle above the 0.6165 level but lost momentum and pulled back below 0.6150. Today, traders focused on the Food Inflation report, which showed that Food Inflation increased by 0.4% year-over-year in August.

From the technical point of view, NZD/USD must climb above the 0.6165 level to have a chance to gain sustainable upside momentum in the near term.

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