In the opening video, for September 13, 2024, I take a look at three other major currency pairs – EURUSD, USJDPY, and GBPUSD.
For the EUR/USD pair, it moved into a swing zone between 1.10976 and 1.11042 and found willing sellers. This area will be a major resistance level today and in the future. A move above this level is more bullish. Holding below it could see the price turn back towards its 200-hour moving average at 1.1058.
For the USD/JPY pair, it dropped to 140.358. This was about 10 pips away from the pair’s December 2023 low of 140.25. Buyers took advantage of the low and pushed the price higher again. With a double bottom, is the bottom in place? The price is trading above and below the January 2, 2024 low of 140.80. This was the year’s low until Wednesday when the price dropped to 140.70. Will this be a gauge for buyers and sellers today as well?
The usdjpy pair is trading above its 100-bar moving average on the 4-hour chart at 1.31395. This level will act as a barometer for both buyers and sellers in today’s and future trading. On the downside, watch the 200-hour moving average at 1.3110. A move below this level and I expect further downside exploration.