Forex Trading Analysis: The USD/JPY has fallen from its recent high, while the EUR/JPY and AUD/USD have rebounded from their low points
On Tuesday (January 14th) during the European trading session, the US dollar index closed at 109.5672, a decrease of 0.02%. It is reported that advisers to President elect Trump are considering gradually increasing tariffs and devaluing the US dollar. In this context, the USD/JPY has fallen from its recent highs, while the EUR/JPY and AUD/USD have rebounded from their lows.
EUR/JPY rebounds from support level
EUR/JPY is rebounding from its low of 160.04 on January 13th, with a target of the 165.00 line. During this process, a smaller resistance can be seen at the 55 day simple moving average of 162.29.
If the support level of 160.04 falls, it may look towards the low point of 159.82 in mid December. As long as the support level is maintained, the medium-term upward trend remains valid.
USD/JPY is blocked at the 158.00 level
The US dollar/Japanese yen has fallen from a 6-month high of 158.88, and if it breaks above this high, the 160.00 line is expected to emerge.
However, the exchange rate may first test the smaller support level between the November high of 156.74 and the December low of 156.03.
AUD/USD in recovery mode
AUD/USD fell to 0.6132, briefly breaking below the low of 0.6171 in October 2022, before rebounding with a target of the downward trend line of 0.6252 from September to January.
If it falls below the low point of 0.6132, it may look towards the low point of 0.6009 in October 2008. To gain momentum for a potential bullish reversal, it is necessary to break through the high of 0.6302 on January 6th.
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