EURUSD and USDJPY trades at session extremes

Markets working toward Friday close

The EURUSD and USDJPY are trading at session extremes.

The EURUSD prior low was at 1.07936. The price just took that low out by a pip. The 1.0788 is the 50% of the move up from the December 3rd low (ECB meeting day).

Meanwhile over in the EURUSD, the pair is trading at session highs of 118.75. The pair is in the next target area defined by the lows and highs from Dec 31 to Jan 8, and the 38.2% of the move down from the Dec 18 high (see chart below).

Market activity may be light as a winter storm approaches. Nevertheless, the technical picture in the USDJPY has been more positive today and that is continuing. The EURUSD bias has been more negative today. There was a corrective push higher right before the London 4 pm fixing (now that might have been manipulation!)