Kickstart the FX trading day w/a technical look at the EURUSD, USDJPY and GBPUSD

Do you need an updated technical look at 3 of the major currency pairs to better understand what is moving the currency markets today?

Watch this video where I take a look at 3 of the major currency pairs including the EURUSD, USDJPY and GBPUSD.

• The EURUSD is stretching toward converged 100 and 200 hour MAs at 1.0844. I would expect sellers against that moving average target
• The USDJPY buyers had their shot yesterday and missed to extend to May 1 highs. Buyers turned to sellers and pushed the pair lower. The pair is breaking back below its 200 hour moving average 156.756. The 38.2% retracement of the move up from the May 16 low comes in at 156.131. That is the next key target on the downside that would need to be broken to show the sellers are ready to take back more control.
• The GBPUSD is testing it to 100-hour moving average 1.27277. Above, sits the 100-day moving average 1.27435

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