In this video, I kickstart the FX trading day with a technical look at the EURUSD, USDJPY and GBPUSD.
Both the EURUSD and the GBPUSD are muddling along with up and down price action respecting close support and resistance in the process. Traders await the next shove, but price action is limited suggesting traders are really unsure of the next move.
For the USDJPY, the buyers had their shot yesterday as its price approached the 2024 high, but buyers turned to sellers and the price has rotated lower in trading today. In the process, the price has moved below its 100 hour moving average at 150.436, and has moved down to test the high of a swing area between 149.70 and 150.158.
Sellers have a shot to push lower of the USDJPY into the swing area. Can they keep the momentum going? Or will the buyers enter against the swing area and push back higher (and not give up on the 2024 high)?
This article was written by Greg Michalowski at www.forexlive.com. Source