The Fed Chair has tapped the brakes after saying if things go as planned, there will be 2 more cuts in 2024. The expectations for a 50 bp cut is down to 36%. At one point last week, the expectation was around 60%.
- USDJPY: The USDJPY has moved up to test, and move above, the 200 and 100 hour MAs at 143.515 and 143.73. The high just reached 143.83. The lower 200 hour MA is a close risk level. Below that the 38.2% of the range since August is at 143.32. That will be a more conservative risk level now. Earlier today, the price moved to that level, backed off, before moving higher and through the level.
- EURUSD: The EURUSD is breaking below the floor level outlined in previous videos today between 1.11214 and 1.11252. The 50% midpoint of the September range comes in at 1.1107. That and another swing area between 1.1092 and 1.1104 are the next targets on the downside. Close risk now comes at the 38.2% retracement of the same move from the September low at 1.1132.(see video here)
- GBPUSD: The GBPUSD just move below the swing low level at 1.3358 (see green numbered circles on the chart below). On the downside, the 200 hour MA (at 1.3337) and swing area between 1.33308 and 1.3339 are the next ta
This article was written by Greg Michalowski at www.forexlive.com. Source