Japanese Yen Tests New Lows: Analysis For USD/JPY, EUR/USD, AUD/USD, NZD/USD

USD/JPY Tests New Highs As Treasury Yields Rise

USD/JPY tests new highs as traders stay focused on rising Treasury yields and prepare for a less dovish Fed. Most Fed officials have recently noted that they were ready for a slower pace of rate cuts. Such comments boosted yields and provided additional support to the American currency.

The nearest resistance level for USD/JPY is located in the 153.00 – 153.50 range. A move above the 153.50 level will open the way to the test of the next resistance at 155.00 – 155.50.

EUR/USD Tests New Lows As Traders Bet On Dovish ECB

EUR/USD remains under strong pressure as traders bet that ECB will cut rates to provide additional support to the troubled European economy. The chances of a 50 bps rate cut in December are increasing, which is bearish for the euro.

In case EUR/USD settles below the nearest support level at 1.0765 – 1.0780, it will move towards the next support, which is located in the 1.0665 – 1.0680 range.

AUD/USD Is Losing Ground As Pullback Continues

AUD/USD pulls back as traders focus on rising Treasury yields and general strength of the U.S. dollar.

If AUD/USD stays below the support at 0.6675 – 0.6685, it will move towards the next support level, which is located in the 0.6610 – 0.6620 range. RSI is in the moderate territory, so there is plenty of room to gain additional downside momentum in the near term .

NZD/USD Retreats As Demand For Commodity-Related Currencies Falls

NZD/USD is losing ground as demand for commodity-related currencies declines. From a big picture point of view, traders are focused on U.S. dollar’s rally.

A move below the 0.6020 level will open the way to the test of the support at 0.5975 – 0.5985.

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