Kickstart the FX trading day for Jan 16 w/ a technical look at EURUSD, USDJPY & GBPUSD

The retail sales control group (feeds into GDP) and Philly Fed Manufacturing index were stronger than expected and that helped to push the EURUSD and the GBPUSD lower (higher USD) but only modestly.The US initial jobless claims saw rebounded higher but remains close to the lower end of the recent range.

The EURUSD moved down to test its 100 hour MA at 1.0265. The GBPUSD is lower and trades below its 100 hour MS at 1.2201, but price action in that pair is sloppy (but lower).

The USDJPY moved lower in the Asian session and traders back off ahead of the BOJ rate decision later this month, but was helped modestly by the data.

THe above video goes through each of those currency pairs in more detail for your trading today outlining the good, the bad and yes, even the ugly.

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