EURUSD moves toward 1.1700-11 area. USDJPY moves toward 100 day MA

The dollar has moved lower after the FOMC statement. The Fed said the tapering of the QE would begin "relatively soon" but fell short of stating when it would occur. The expectations are for September.

The EURUSD has moved above the 1.16765-1.16835 close resistance level. The high has reached 1.1706. The double top at 1.1711 looms ahead. A battle is being waged between 1.1676-835 below, and 1.1711 above.

For the USDJPY, the price moved back below its 200 day MA at 112.04 and the 200 hour MA at 111.84. Those levels were taken out as London traders exited for the day. The price is now moving below the 100 day MA at 111.599. The 100 hour MA is down at 111.46. New lows for the USDJPY. A break below the 111.46 level will look toward the 111.31 area where highs and lows traded on Monday and Tuesday. The low for the week targets 111.00 and then the lows for the week (down to 110.62). The 100 hour MA is so far holding support on the first look.

In other markets:

  • Nasdaq moved from 6419 to 6425. Now it is at 6420.84
  • S&P moved from 2477.21 to 2480.10. The price is now at 2479.12
  • Gold went from 1251 to a high of 1255.08. It is just off the high at 1254.30