The sellers of the USD ahead of the US jobs report were rewarded with a big move to the downside in the major currency pairs. The question now is what next?
In this report outline the moves versus the major currency pairs versus the US dollar – the EURUSD, USDJPY and GBPUSD.
Where did the market go, what are the close risks and targets for each.
EURUSD: The EURUSD moved above and below the 50% midpoint of the move down from the 2024 high to the 2024 low. That little comes in a 1.07906 and will be the barometer for more bullish and more bearish today as the market settles.
USDJPY. The USDJPY continued its corrective move lower after making above 160.00 on Monday and prompting intervention from the Bank of Japan. The price moved down sharply today and tested/installed near the 2022 high, the 2023 high, and the old 2024 high ceiling until the break hire 3-4 or so weeks ago. That level comes in your 151.91. The price bounced off of that key level. Be aware.
GBPUSD:Like the EURUSD, the GBPUSD moved above its 50% midpoint of the 2024 trading range at 1.25957. It also moved back into the “value area” that can find training for the longest time until the break lowered three or four weeks ago. That area came between 1.2586 and 1.2800. The price is currently trading above and below the low of that swing area at 1.2586. If the price can base and move higher, the 100-day moving average of 1.26449 would be the next major target.
This article was written by Greg Michalowski at www.forexlive.com. Source