Start your currency trading on April 24 with a technical overview of EURUSD, USDJPY and GBPUSD.

In the Getting Started video, I take a second look at the three major currency pairs: EURUSD, USDJPY, and GBPUSD.

For EURUSD, it extended above its 38.2% retracement of the April trading range in the early hours of the Asian session, but was unable to maintain its momentum and pivoted to the decline. This retracement level sits at 1.0709 and should be crossed to give buyers more confidence.

USDJPY actually extended above the 155.00 level ahead of strong durable goods orders, but after reaching 155.16 it quickly reversed. It is currently trading at 154.93, below the 155 level. If the price can extend above the 155 level and stay above this level, further probing could be done at the second breakout. Keeping markets in check is the Bank of Japan’s interest rate decision to be announced on Friday.

GBPUSD, like EURUSD, extended briefly above its 38.2% retracement of the April trading range at 1.2455, but like EURUSD, returned to the downside. The price is trading above and below its 200 hour moving average during the European session at 1.2428. There is a swing zone between 1.2403 and 1.24257 which also provides some support and will be a barometer for buyers and sellers going forward. Ultimately, if price is to move higher, it must reach and stay above the 38.2% retracement at 1.2455.