Kickstart the FX trading day for Oct 23 w/a technical look at the EURUSD, USDJPY & GBPUSD

In the kickstart video, I take a look at the 3 major currencies from a technical perspective. The trend is for the USD moving higher with the USDJPY leading the way once again. Below is the summary:

• EURUSD: The EURUSD has continued its downward movement after holding below its 200-day moving average on Monday. Yesterday the price fell below the low from last week at 1.08103, and stayed below that level. As the North American session begins, the price is now breaking below the swing low level from August 1 at 1.0776 which is another bearish tilt, and will have traders looking down toward a swing area at 1.07198 to 1.07346. Close risk at 1.0776. More conservative risk for sellers is at 1.0810 which was the low from last week and a low this week before breaking lower (and staying below) yesterday.

• USDJPY: The USDJPY moved above its 200 day moving average at 151.371 like a hot knife through butter in the Asian session today and has continued the trend like move. The current price is trading at 153.04 as the market stretches toward the 61.8% retracement of the move down from the July high to the September low. The level comes in at 153.397. Close support now is near 151.93 which is a swing level going back to May 2024.

• GBPUSD: The GBPUSD is breaking below its 100-day moving average again. Yesterday, the price fell below the 100 day moving average at 1.29635 but could not continue the momentum to the next target at 1.2938. The low price reached 1.29438. Getting below 1.2938 is the next downside target. Staying below the 100-day moving average at 1.29635 is a close risk and would give the sellers the greatest incentive to push lower if the price remains below that level.

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