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

USD/JPY Tests New Lows

USD/JPY tests new lows as traders react to the Reuters Tankan Index report. The report indicated that Reuters Tankan Index declined from 10 in August to 4 in September, compared to analyst consensus of 11.

Currently, USD/JPY is trying to settle below the support at 141.80 – 142.50. In case this attempt is successful, USD/JPY will move towards the next support level, which is located in the 138.50 – 139.00 range. RSI is close to the oversold territory, but there is enough room to gain additional downside momentum in the near term.

EUR/USD Rebounds Ahead Of U.S. Inflation Data

EUR/USD gains ground as traders prepare for U.S. inflation reports, which will have a major impact on markets. Inflation Rate is expected to decline from 2.9% in July to 2.6% in August. Core Inflation Rate is projected to remain unchanged at 3.2%.

If EUR/USD climbs above the 50 MA at 1.1063, it will head towards the nearest resistance level, which is located in the 1.1110 – 1.1135 range. A move above 1.1135 will open the way to the test of the next resistance at 1.1250 – 1.1275.

AUD/USD Gains Ground Amid Rising Commodity Markets

AUD/USD is moving higher as traders focus on rising commodity markets. Gold is trying to settle above the key resistance at $2520 – $2530, while oil prices rebound after the strong sell-off. In case gold tests new highs, commodity-related currencies may get additional support.

From the technical point of view, AUD/USD remains stuck near the support at 0.6660 – 0.6675. If AUD/USD manages to settle back above the 0.6675 level, it will head towards the 50 MA at 0.6717.

NZD/USD Tries To Settle Above 0.6150

NZD/USD has also managed to gain some ground in today’s trading session. However, it looks that traders are waiting for additional catalysts.

A move above the 0.6165 level will push NZD/USD towards the 50 MA at 0.6193. If NZD/USD climbs above the 50 MA, it will head towards the resistance at 0.6235 – 0.6250.

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