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

The kickstart video for October 2, takes a technical look at the EURUSD, USDJPY and GBPUSD. The ADP jobs report came in stronger than expected and that has the USD moving a touch although the EURUSD and GBPUSD is consolidating and looking for the next shove. The USDJPY is moving higher.

EURUSD: The EURUSD fell sharply yesterday as the USD strengthen partially helped by the geopolitical concerns. Fed Chair Powell has also said that 50 bps in November is not our base case. That sent the price of the EURUSD to the downside. The ups and downs today stalled the rally near the 61.8% at 1.1082. That is now the upside close risk. ON the downside, getting below 1.10539 and staying below would have traders looking toward 1.10258, and then the other lows from September which bottomed near 1.1000.

GBPUSD: The GBPUSD moved sharply lower yesterday as well, and pushed down toward the rising 100 bar moving average on the four hour chart. The price date break really below on the downside momentum, but quickly snapped back higher and closed back above the 38.2% retracement of the September trading range at 1.32683. In trading today, the price has traded mostly above that retracement level. There was a brief look below which could not be sustained. If the downside is to be further explored, getting below the 38.2% retracement and then the rising 100 bar moving average on the 4-hour chart at 1.32535, would be needed to increase the bearish bias.

USDJPY. The USDJPY is the leader today with a run higher which now has the price above the 50% midpoint of the move down from the August high at 144.480. The price is also above the 50% midpoint off the daily chart range since the January 2023 low at 144.58. Stay above those levels is more bullish. On the top side the 61.8% retracement of the move down from the August high at 145.639 is the next target. Get above that level and opens the door toward the high price from last week at 146.51.

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