Japanese Yen Moves Higher: Analysis For USD/JPY, EUR/USD, AUD/USD, NZD/USD

USD/JPY Tests New Lows As Traders Prepare For Fed Rate Cuts

USD/JPY remains under strong pressure as traders prepare for the Fed Interest Rate Decision, which will be released on Wednesday. Treasury yields are moving lower, putting additional pressure on USD/JPY.

RSI has recently moved into the oversold territory, so the risks of a rebound are increasing. However, there is some room to gain additional downside momentum in the near term. In case USD/JPY stays below the 140.00 level, it will move towards the support at 138.50 – 139.00.

EUR/USD Tests Resistance At 1.1110 – 1.1135

EUR/USD tests resistance at 1.1110 – 1.1135 as traders focus on general weakness of the U.S. dollar. From a big picture point of view, the market expects rate cuts and dovish comments from the Fed.

A successful test of the resistance at 1.1110 – 1.1135 will open the way to the test of the next resistance level at 1.1185 – 1.1200.

AUD/USD Gains Ground As Gold Tests Historic Highs

AUD/USD gains ground as traders focus on the continuation of the rally in the gold markets. Spot gold has recently made an attempt to settle above the $2590 level, which was bullish for commodity-related currencies.

A move above the resistance at 0.6735 – 0.6750 will open the way to the test of the next resistance level at 0.6815 – 0.6825. RSI is in the moderate territory, so there is enough room to gain momentum in the near term.

NZD/USD Attempts To Settle Above The 50 MA

NZD/USD is moving higher amid rising demand for commodity-related currencies. General market sentiment, which is bearish for the U.S. dollar, provides additional support to NZD/USD.

Currently, NZD/USD is trying to settle above the 50 MA at 0.6170. In case this attempt is successful, NZD/USD will move towards the next resistance level, which is located in the 0.6235 – 0.6250 range.

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