USD Gives Back Gains – USDX, USD/JPY, EUR/USD

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USD Gives Back Gains - USDX, USD/JPY, EUR/USD

The USD has been bullish throughout the week. The hawkish tone from the FOMC meeting minutes is a big reason for that. However, the greenback is giving back some of those gains today, despite strong US data points for jobs, manufacturing, and housing. Let’s take a look at the USDX, USD/JPY, and EUR/USD charts.

The USD Index (USDX) has been bullish after breaking above last week’s consolidation pattern. It fell today and broke this week’s trendline, but is still in a very bullish technical picture. The EUR/USD rebounded, but is holding below this week’s falling trendline, preserving the bearish bias. The USD/JPY broke above the 103 handle, and is now at the 104 resistance area. The consolidation looks weak, and the bulls still look in charge, so even this 104 level is becoming shaky as a resistance.

To contact the reporter of this story, email Fan Yang at fan@forexminute.com
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Fan Yang has been a professional forex trader and analyst since 2007. He specializes in technical analysis and has a Chartered Market Technician designation since 2011. He was the chief technical strategist at CMSFX He was also the founder and chief currency strategist at FXTimes Over the years, Fan has not only been a trader and analyst but also an educator. As a proponent of both technical and fundamental analysis in trading, Fan advocates simplicity and discipline as key factors in making trading decisions when faced with so many "clues" and "signals". Currently Fan Yang is the chief currency analyst and webinar instructor at forexminute.com.