EUR/USD and USD/JPY: Key Trade Setups for the Upcoming Session
FOREX.com has rolled out a short-term forecast covering two of the most actively traded pairs in the G10 complex, EUR/USD and USD/JPY, framing each with a specific trade setup worth tracking through the next session.
Rebecca Jennings·updated September 02, 2026
The note distills a directional view on both the euro's path against the dollar and the dollar's trajectory against the yen, cross-currents our desk watches continuously given how yield differentials, hawkish pivots, and risk-on flows continue to drive them.
What the setup flags
The framing is deliberately narrow: two trade ideas rather than a broad macro essay. That discipline matters because it forces a clean read on what FOREX.com sees as the most efficient expressions of the current tape in the dollar's two most liquid crosses. EUR/USD remains the pair most exposed to the transatlantic rate gap and ECB-Fed policy drift, while USD/JPY continues to function as the cleanest barometer of the US-Japan yield differential and broader liquidity absorption across the rates complex.
Why this matters for positioning
When a single desk highlights both pairs in the same note, the implied correlation read is worth weighing carefully. A long-dollar lean on EUR/USD paired with a specific USD/JPY stance would point to underlying USD strength driven by widening real-yield advantages; the inverse would suggest a more nuanced picture, with JPY-specific drivers such as intervention rhetoric or repatriation flows doing the heavier lifting. We do not yet have the granular price levels or invalidation markers from FOREX.com's full piece, but the pair selection itself reinforces the case that divergent central bank trajectories and shifting capital flows remain the dominant gravitational forces in G10 FX.
What we are watching next
The practical task for traders is to anchor on the technical structures FOREX.com references and overlay them against this week's data calendar. Fresh ECB or Fed commentary would likely reset the EUR/USD calculus, while BoJ communication or a meaningful repricing in US Treasury yields would do the same for USD/JPY. We will return to both setups once the full levels and triggers from the underlying analysis are in hand, and reassess the macro narrative against the price action as it develops.