Kickstart the FX trading for May 2 w/a technical look at the EURUSD, USDJPY and GBPUSD

The Fed decision has come and gone with its share of volatility. Having said that, the EURUSD and GBBUSD has followed the roadmap outlined before the rate decision.

For both the EURUSD and the GBPUSD, the pairs moved up to technical resistance targets, before rotating lower. Today, the pairs have retraced gains from yesterday with the EURUSD falling to the 100 and 200 hour MAs near 1.0695 to 1.0699 and stalling. That will be its barometer in the US session.

The GBPUSD fell to its 50% midpoint of the April trading range near 1.2500. That level will be the barometer for traders today.

For the USDJPY, it had a more volatile ride through the Fed decision and the subsequent “intervention” from the BOJ. The tumble took the price down from 157.58 to a nice round number low at 153.00 before bouncing higher. After a sharp run higher to above it 200-hour moving average 156.03, sellers returned in the European and into the early New York session. That move has now pushed the price back to a swing area between 154.39 and 154.878. That area held support after the intervention during Monday’s trade, and was developed between April 16 and April 24 before the price started its rise to new 1990 highs up to 160.208. Key support today.

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