Kickstart your FX trading for November 16 with a look at the EURUSD, USDJPY and GBPUSD

The US initial jobless claims and continuing claims came in weaker than expectations and is making traders think that employment may be showing some cracks. The Philly Fed business index also declined although it was better than expectations.

Rates have moved lower as a result with the 10 year now down -8.4 basis points at 4.453%. The 2-year yield is down -9.1 basis points at 4.824%.

The US dollar has moved lower as well:

• EURUSD: The EURUSD is moving higher and is back above the 50% midpoint of the move down from the July high to the October low. That level comes in at 1.08613. Stay above that level is more bullish. The high prices from earlier this week at 1.0887 are the next target. Move above that in traders will target the August 30 hi which came in at 1.09448. The 61.8% retracement of the move down from July comes in at 1.09589.
• USDJPY: The USDJPY has dropped back below its a 200-hour moving average at 150.95 and is now testing/moving below a swing area between 150.718 – 150.774. The 50% of the November trading range comes in at 150.548. That is a target for further selling.
• GBPUSD: The GBPUSD is moving higher and looks toward its 200-day moving average at 1.2441. Above that is the 38.2% retracement of the move down from the July 2023 high. The level comes in at 1.2458. Getting bubbled the 200-day moving average and the 38.2% retracement would increase the bullish bias