Intraday Forex Thursday, October 22 (USDJPY, EURUSD, & etc.) The U.S. dollar treaded water against most major currencies on Thursday.


Hi everyone. This observation is made around 5:00 UTC today, with 15 minutes time frames. The Resistance and Support Line were constructed according to Fibonacci retrenchment. Any discussion is welcomed.

Asian shares fell on Thursday after the IMF downgraded its growth forecast for Asia-Pacific and investors fretted over the slow pace of U.S. stimulus talks, plus a surge in global cases of COVID-19.
Oil prices dropped, adding to sharp losses overnight, after higher U.S. gasoline inventories dampen demand.

The dollar index extended its losses for the third consecutive day, and in holding against most major currencies on Thursday.

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  • The dollar was 0.14% higher against the yen at 104.715 on Thursday, having marked a 1-month low overnight at 104.341.​
  • Dollar weakness is the main bullish factor for the safe haven yen on Wednesday, along with hawkish BOJ comments.​
  • The yen rallied Wednesday after BOJ member Sakurai said there is no need to rush a decision on whether the BOJ needs to extend its pandemic stimulus measures and that the BOJ has time to carefully consider if it needs to extend the measures beyond March.​
Important Levels to Watch for Today:
  • Resistance line of 105.556 and 106.007.
  • Support line of 104.096 and 103.645.

  • The euro edged 0.10% lower against the dollar to $1.1843 on Thursday, below a 1-month high of $1.8803 hit on Wednesday.​
  • EUR/USD on Wednesday rose for the third day and posted a new 1-month high.​
  • Weakness in dollar is the main bullish factor for the euro on Wednesday.​
  • EUR/USD then fell back from its best levels on dovish ECB comments, as ECB President Lagarde said the unexpected second wave of COVID-19 infections is a "clear risk" to the economic outlook.​
  • Germany on Wednesday reported a record 8,523 new infections, Poland reported a record 10,040 new infections, and Italy also recorded a day record of 15,199 cases.​
  • Dollar expected to edged lower and weighted on the advancement of the pair movement as investors regain hope about the prospects for a pre-election U.S. stimulus package and as coronavirus cases continue to spike in Europe.​
Important Levels to Watch for:
  • Resistance line of 1.18860 and 1.19065.
  • Support line of 1.18196 and 1.17991.

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