USDJPY moved toward Monday high. EURUSD tests support
The dollar has moved higher initially after headlines suggest 3 more tightenings in 2017 and to wait too long would not be a good thing.
The EURUSD has moved down to test the 50% of the 2017 ranges at the 1.05839 level. That is basically the low. The 50% is in between the swing lows from Jan 16 and Jan 19 at 1.0578 and 1.05879. UPDATE: the low just reached to 1.05765 but stalled. Can the market break below with momentum now? What 1.05879 for really close resistance now...
For the USDJPY, the pair has moved up to test the high from yesterday's trading. The 38.2% of the move down from the 2017 range (high on Jan 3rd) comes in at 114.264. The high price reached 114.111.
The pairs are close to breaking out, but so far not quite there.
The one thing to be aware is the testimony can drag on and on. Headlines can swing the sentiment around. So be on your toes.