Kickstart your FX trading for January 24 with a technical look at 3 major currency pairs

The kickstart video is a way to look at the three major currency pairs:

  • USDJPY, and

And get a technical feel for each of those pairs. What is the bias? What are risks and targets.

EURUSD: The EURUSD reversed higher in trading today after yesterday’s failed move below its 200 day moving average at 1.0844. The price has now moved back above its 100-hour moving average at 1.08798, and it’s 200 hour-moving average 1.08959. The price is now testing the 100/200 bar moving averages on the 4-hour chart near 1.09238. Move above that level with momentum and the buyers can push higher.

USDJPY: The USDJPY moved to and through a swing area between 148.45 and 148.59, but quickly rebounded and in trading today, the price has moved back below its 200-day moving average at 147.55, in its 61.8% retracement of the move-down from the November high. That level comes in at 147.45. The price is trading to a new low for the weekend and targets a swing area between 146.53 – 65 and below the 50% midpoint of the range since November 146.075.

GBPUSD: The GBPUSD moved up to test a swing level in what has been a up-and-down trading range for this pair going back to mid-December. That same level comes in at 1.2771. Get above that level opens the door for further upside in the GBPUSD. Earlier today, the price extended above the near converged 100 and 200-hour moving average is near 1.2700. That turned sellers and buyers once again. The GBPUSD has been mired in a range between 1.2600 and 1.2800 since December 14.

This article was written by Greg Michalowski at Source