29 July 2025,05:52
Chart The Market
29 July 2025, 05:52
USDJPY, H1:
The USD/JPY pair has surged nearly 2% over the past four sessions, confirming a bullish reversal after decisively breaking above a descending channel and later clearing the consolidation range near the 147.80 level. This breakout has signaled a shift in sentiment, with the pair regaining upward momentum amid a firmer dollar backdrop and resilient U.S. yields.
Currently, the pair is undergoing a mild technical retracement, finding support near the 148.30 level—a short-term pivot that may prove critical for sustaining the bullish structure. A break below this zone could expose USD/JPY to a deeper pullback toward the previous range lows.
However, momentum indicators suggest the bullish trend remains intact. The Relative Strength Index (RSI) hovers near overbought territory, while the MACD continues to trend at elevated levels, underscoring ongoing buying pressure.
Unless the 148.30 support fails decisively, USD/JPY appears poised to extend its upward trajectory, with traders watching for fresh catalysts to fuel the next leg higher.
Resistance Levels:148.95, 149.55
Support Levels: 147.85, 147.15
EURUSD, H4
The EUR/USD pair experienced a sharp selloff in the previous session, plunging over 1.5% and breaking decisively below the consolidation zone beneath the 1.1800 handle. The move saw the pair retreat to 1.1588—its lowest level in recent weeks—marking a significant shift in sentiment and confirming a strong bearish breakout.
While downside pressure has temporarily eased near the recent lows, any failure to reclaim the 1.1650 level could validate further weakness, potentially extending the prevailing downtrend.
Momentum indicators support the bearish outlook. The Relative Strength Index (RSI) is approaching oversold territory, reflecting increasing downside pressure, while the MACD has crossed below the zero line, reinforcing the bearish signal.
Unless a meaningful rebound occurs above 1.1650, EUR/USD appears vulnerable to continued losses as bearish momentum builds.
Resistance Levels: 1.1630, 1.1750
Support Levels: 1.1470, 1.1340
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