Name: Kickstart the FX trading day on May 13 w/a technical look at the EURUSD, USDJPY and GBPUSD
Uploaded: 2024-05-13T12:58:05.000Z
Description: What levels are in play - and why - for the 3 major currency pairs?

Kickstart the FX trading day on May 13 w/a technical look at the EURUSD, USDJPY and GBPUSD

What levels are in play - and why - for the 3 major currency pairs?

As the new week begins in the US session, what is the technical picture telling traders in the EURUSD, USDJPY and GBPUSD.

For the EURUSD, the pair moved above its 200 day and 50% retracement that 1.07906. Staying above that level keeps the buyers in control. Move below and there will be some disappointment on the failed break.
For the USDJPY, the pair remains below its 50% of the move down from the the 2024 peak and highest level since 1990. That midpoint level comes in at 156.029. The highs from last week and today, stalled just ahead of that key target. On the downside the rising 100 hour MA is at 155.476 (and moving higher) and would need to be broken to increase the bearish bias (give sellers some comfort). With the price at 155.75, the price is between the key support and resistance targets.
For the GBPUSD, it too moved above its key 200-day MA. For it, the price comes in at 1.25413. Stay above that MA going forward is more bullish.