Kickstart the FX trading for January 17, 2024.with a look at EURUSD, USDJPY and GBPUSD

The dollar has moved higher after the US retail sales data came in stronger than expectations that has yields moving higher with the 2-year now up 10.7 basis points the 10-year is up 3.2 basis points.

For the EURUSD the poster has remained below a swing year between 1.0878 and 1.0894, but it has support buyers against it to hundred day moving average of 1.08462. The low price after retail sales came in at 1.0850 and bounced. So both support and resistance are ping-ponging the price of the EURUSD between the levels.

The USDJPY has been able to extend above a key resistance level defined by the 100-day moving average and the 61.8% retracement of the move down from the November high. Both those technical levels came in at 147.45. Initially the market found sellers against the level but later broke above and is now up testing the 148.000 level. The next key target area comes at 148.449 – 148.590.

The GBPUSD moved higher after higher-than-expected CPI data in the UK today. However the focus has now returned to the US after the retail sales in the process rotated back to the downside. Technically, the low price today before the CPI did break below a key floor area near 1.2602 – 1.26137, but moved back above that area. It is back as a key support level downside going forward.

This article was written by Greg Michalowski at Source