In the kickstart video for April 17, 2024, I take a look at the three major currency pairs - the EURUSD , USDJPY and GBPUSD - from a technical perspective and outline the bias, risks, targets, and stories for each.
EURUSD: The EURUSD is trading up and down this week, but staying below a swing area between 1.0655 to 1.0675. With the Fed shifting to waiting for longer and the ECB looking toward a June cut, it should keep a lid on the pair. However, you never know the story may change. So understanding the technicals in play is important.
USDJPY: The USDJPY continues its move to the upside trading at the highest level since 1990. The caveat is the Bank of Japan may come in to limit the upside via intervention. Traders are looking at the 155.00 area as a ceiling/potential intervention area. Having said that, the buyers at the 38.2% retracement of the last move up (from Friday's low) comes in at 153.94. It would take a move below that level to give the sellers additional confidence. Absent that and the buyers are still winning and in full control.
GBPUSD: The GBPUSD has been trading above and below the 50% midpoint of the move up from the October 2023 low. That level comes in at 1.24646. On the downside, a swing area between 1.2427 and 1.2449 needs to be rebroken to increase the bearish bias.
