Dollar little changed after the Beige Book

A few pips here and there after the report

The Fed’s Beige Book had little impact on the USD.

USDJPY

The USDJPY on the hourly chart trades around the midpoint of the 10 day trading range at 107.192. The 100 hour MA is above that at 107.245. The 200 hour MA is below at 107.118.  The price is trading at 107.20. The price is still stuck in the mud. 

A move below 107.00 should be a step in the bearish direction. 

A move above the 38.2% at 107.33 is a step in the bullish direction. 

That is not asking much but given the movements it seems like a lot.

EURUSD

The EURUSD is trying to move, but the pair can’t get and stay above the 1.2400 level. Yes, yesterday there was a break and the hourly bars closed above on two separate tries, but failed. Today, after holding support on a lower trend line, the price moved back higher and retested 1.2400. The high reached 1.23968. The price wandered lower.

The bullish is the dips over the last 5 days have not been able to close below that MA (green line). It has traded below the higher 100 hour MA (at 1.23558) and a move below will be more bearish, but the rising 200 hour MA at 1.23419 is also important.  

GBPUSD

The GBPUSD tumbled to the 50% of the April trading range today at 1.41705. The pair was kicked lower after breaking trend line support and then the 100 hour MA (lower than expected inflation data helped the run).  The corrective move higher in the NY session stalled between the 100 hour MA above at 1.42756 and the 200 hour MA below at 1.42117.  We are trading back below the 200 hour MA giving more of a bearish bias.