The EURUSD and GBPUSD traded to a new year high. The USDJPY retraced most of the declines

Both the EURUSD and the GBPUSD traded to new 2024 highs but at different points of the day.

For the EURUSD it is extending above the 1.12000 level over the last few minutes of trading. That takes the pair to the highest level going back to July 2023 when the price high ultimately peaked at 1.1271. That is the next major target on the topside. Close support is now at 1.1184.

For the GBPUSD, it reached a new day and year highat 1.3429 in the Asian session before rotating lower. The subsequent move lower took the price back to support at 1.3358 where buyers leaned (low reached 1.3363). The price is bouncing at trades at 1.3385. There is resistance at 1.3411.

The USDJPY has retraced nearly all of the declines seen in trading yesterday when the price ultimately moved below the 100 hour MA in the process. HOwever, in trading today, the price in the Asian session rebounded back to the MA, and then broke back above it. The move turned the sellers to buyers and that has been the technical catalyst for the gains back higher today.

This article was written by Greg Michalowski at www.forexlive.com.