Forex trading investor worries still remain over the monetary policy of the US Federal Reserve. As a result, the US dollar weakened against some of the majors on Wednesday, October 20. Take, for example, the Japanese yen, which was able to gain against the dollar to test the 15-year high that it recently reached. The USD/JPY pair hit a low of 81.20 during the European trade in the morning, finally consolidating at 81.26. The euro was able to gain a little against the yen, hitting the 112.17 mark after a 0.17% gain.

The euro was able to bounce back from its 11-day low against the dollar due to the worries over monetary policy. The EUR/USD forex trading pair was able to hit a daily high of 1.3801 over the Asian trading period, then consolidated at around 1.3792 for total gains of 0.46%. The euro also gained against the pound as the EUR/GBP hit 0.8775 for 0.38% in gains.

Over the past few days, forex trading investors have been worried about the US Federal Reserve’s decision on monetary policy, causing the dollar to fluctuate a lot and fall against many of the other majors. Today, however, the dollar is able to make a comeback to gain against most of the majors.

The euro fell by some large numbers against the dollar, breaking through the 1.4000 support level to trade between 1.3925 and 1.4000. The EUR/USD pair traded at a high of 1.3999 and a low of 1.3830. The British pound also fell against the dollar. After testing the 1.5950 resistance range, the pound fell below the 1.5900 mark. The GBP/USD pair traded at a high of 1.5993 and a low of 1.5834. The yen has been trading tightly against the dollar, although it is expected for the USD/JPY pair to continue its bearish trend in favor of the yen. The USD/JPY pair traded at a high of 81.39 and a low of 81.12.

The British pound went down versus the euro and dollar as a result of speculations among investors that the Bank of England will try to bolster the economy by restarting its debt-buying program. The GBP/USD forex trading pair’s main trend is bullish and faces a resistance level at around 1.6000. If the trading rate breaches this level, the GBP/USD will continue with its positive momentum. CPI is anticipated at 3.1%, while the Trade Balance is anticipated to go down from -8.70B to -8.0B. The GBP/USD traded between 1.5867 and 1.5963.

The euro also declined versus the dollar, and this decline can probably be attributed to a correction on the forex pair since technical indicators displayed an 8-month high for this pair last week. In this forex trading pair, the EUR remains bullish, although the pair fluctuated around the 1.3900 level. The EUR/USD pair exchanged between 1.3866 and 1.3999. As long as this pair maintains trading levels beyond 1.3800, a continuous positive momentum is expected.