There is a CNBC article that is making the rounds saying that the Fed is likely to still take a measured approach to rate hikes. That has US stocks moving back into the unchanged/positive territory. The USD is moving lower.
EURUSD :
The EURUSD edged back up toward unchanged levels and is back up testing its 100 day moving average at 1.1413 and 1.1423. The high price reached between those levels but has since backed off as sellers leaned. Risk be defined and limited against the two moving averages. It will take a move above the MAs to tilt the bias more to the upside.
Below, the rising 200 hour MA (green line) at 1.1389, will be eyed for support buyers.
USDJPY
The USDJPY has moved to a new session low and moves further away from the 5 year high (and double top) reached yesterday on the run higher. There is also a lower ceiling near 116.178 which is also in play now (see green numbered circles). On the downside, a key swing area between 115.61 and 115.671 (blue circles) is the next target followed by the rising 100 hour moving average at 115.561 and the 38.2% retracement at 115.495 (move up from the February low).
GBPUSD:
The GBPUSD moved back above its 100/200 hour MAs earlier in the London morning session at 1.3547, and moved further away on the news. The high price reached 1.3599 which was near resistance swing area between 1.35975 and 1.36026, and the 61.8% of the move down from the January 12 high at 1.35987. The price has backed off from that risk defining area. Support ahead of the aforementioned 100/200 hour MAs is also at the 50% of the 2022 trading range at 1.35526.