The USD is lower in trading today led by the move lower in the USDJPY.
In the kickstart video to your FX trading on November 20, 2023 (watch video above), the USDJPY is one of the biggest movers in early US trading to start the week. The pair is continuing its move to the downside after last week’s test of the 2022 high (and trading near a 32-year high for the pair). The move lower was held by reports that PIMCO was buying the JPY in anticipation of the Bank of Japan hiking rates to slow inflation, while the US Fed is looking to keep rates unchanged. That is fundamentally in favor of a decline in the USDJPY, but will watch the technical levels for JPY.
The EURUSD is higher (lower USD) but is testing a swing area between 1.0925 and 1.09438. Getting above that level and the 61.8% retracement of the 2023 range at 1.0959 is needed to increase its bullish bias. Working in favor of the buyers is the price of the EURUSD moved away from the 50% midpoint of the 2023 range at 1.08618 on Friday. Bullish
The GBPUSD moved higher today and tested its 100-day moving average at 1.25056 in the price. The high price did extend above that level to 1.2509 but could not sustain any upside momentum. As a result, the price has rotated back to the downside. On the downside, the 200-day moving is comes in at 1.24447 and that is now support. It would take a move below that level to increase affairs bias. Getting above the 100 day moving average above is required to increase the bullish bias. The battle is on.
This article was written by Greg Michalowski at www.forexlive.com. Source