Kickstart your FX trading for October 23 with technical look at EURUSD, USDJPY and GBPUSD

In this morning video on October 23, 2023, I kickstart the Forex trading day with a technical look at the EURUSD, USDJPY and GBPUSD. What are the biases, the risks, the targets for those three major currency pairs?

EURUSD: The EURUSD has moved up to test the swing era between 1.0608 and 1.0616. The 50% retracement of the move down from the September high is at 1.06087. The 38.2% retracement of the longer-term move up from the September 2022 low to the July 2023 high comes in at 1.06108. That cluster of resistance will be a barometer for both buyers and sellers today and going forward. Moving above is more bullish. Staying below and a rotation back toward the 100-hour moving average and 38.2% retracement at 1.05709 and the 200-hour moving average at 1.05654 would be targets to get to and through to increase the bearish bias.

USDJPY: The USDJPY is mired within a narrow trading range with the 150.00 level providing resistance on the top side and the rising 100 hour moving average at 149.813 providing support on the downside. At some point, the 19 PIP trading range is not gonna hold – there will be a break with momentum either higher or lower. That is the hope. The problem is the 150.00-itis (i.e. fear) is real (fear of BOJ).

GBPUSD: The GBPUSD trades between the 100 hour moving out below at 1.2152 and the 200 hour moving average above at 1.21856. Although the price has traded below the 100 hour moving average, the momentum could not be sustained. So you can argue that sellers had their shot and missed. Having said that getting and staying above the 200 hour moving average is still required.

This article was written by Greg Michalowski at Source