Putting fundamental analysis aside, the next segment of this article will focus on analyzing the technical outlook for four U.S. dollar FX pairs:. Within this section, we will examine price action dynamics and essential tech levels poised to function as either support or resistance in the upcoming trading sessions.After steep losses in recent days, EUR/USD stabilized and rebounded off the psychological 1.0600 level on Wednesday, pushing past the 1.0650 mark.
USD/JPY edged lower on Wednesday, stepping off its multi-decade high established in the previous session when the pair hit 154.78. Should the downturn reversal gain momentum later this week, support can be spotted at 153.20 and 152.00 thereafter. Below these levels, 150.80 may become a focal point. Alternatively, if sellers return and trigger a market selloff, support is visible at 1.2430. To prevent a larger drop, bulls must protect this floor tooth and nail; any lapse could usher in a slump towards 1.2325. Further losses beyond this point might refocus attention on the October 2023 lows near 1.2040.After failing to clear confluence resistance at 1.3850, USD/CAD turned lower on Wednesday, with sellers capitalizing on the reversal opportunity and driving prices back down towards 1.3765.
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