The Fed chairman hit the brakes after saying that if all goes as planned, there will be two more cuts in 2024. Expectations for a 50 basis point cut fell to 36%. At one point last week, the forecast was around 60%.
- USDJPY: USDJPY rose to test and move above the 200 and 100 hourly moving averages at 143.515 and 143.73. The high just reached 143.83. The lower 200 hour moving average is considered a nearby danger level. Below that is the 38.2% range since August at 143.32. This will be a more conservative risk level now. Earlier today, the price moved to this level, pulling back, before moving higher and breaching this level.
- EURUSD: EURUSD breaks below the floor level shown in previous videos today between 1.11214 and 1.11252. The 50% midpoint of the September range is at 1.1107. That area and another swing zone between 1.1092 and 1.1104 are the next targets on the downside. The immediate risk now comes in at the 38.2% retracement of the same move from the September low of 1.1132.
- GBP/USD: GBP/USD is moving below the swing low at 1.3358 (see green numbered circles on the chart below).
This article was written by Greg Michalowski at www.forexlive.com.
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