FX Breakout Monitor – October 1, 2019

Today’s Breakout Monitor
We have more than the usual number of interesting developments on today’s Breakout Monitor, as the recent US dollar strength has broadened notably and a number of USD pairs have just broken, or are very close to breaking, to new highs. Below we highlight USDJPY, which is on the cusp of a new 19-day and 49-day high close if it moves a bit higher into the close today. But it is worth noting that AUDUSD is trading below its lowest 19- and 49-day lows at present, that USDCHF broke higher yesterday, as did USDSEK and USDNOK. Even precious metals have weakened in the big US dollar’s path, as spot silver and spot gold broke lower yesterday.

Today’s breakout highlight: USDJPY
USDJPY is poking near the 19-day high and not much higher we have the 49-day high close at 108.78. The chart fairly clearly shows that the 109.00 area is an important pivot area and the 200-day moving average is declining toward that level as well. A break of this pivot zone could open up the territory on the chart back toward 112.00+ for a start.