The USDJPY and EURUSD sees more dollar strength
The much better than expected New Home sales have kicked the USDJPY above the 100 hour MA and 50% retracement level at 109.84. Meanwhile the EURUSD has seen the price extend below the 100 day MA at 1.11598. Both are now support and resistance respectively.
The GBPUSD is trying to join the dollar buying party as well but it is a bit more reluctant. Nevertheless, some of the upside momentum has been slowed. Looking at the daily chart on the GBPUSD, the 1.46339 is the 38.2% of the move down from the June 2015 high. The high today got to 1.4622 and stalled over the last 5 or so hours - trading between 1.4584-1.4622. Since earlier in the year, the pair has had 4 swing highs in the 1.4633-66 area. Earlier this month the price moved above that area to a high of 1.4769. The high price for the year was on the 1st trading day of the year at 1.48155.
