8DC FX

Technical Outlook for USDJPY, EURUSD, GBPUSD

June 13 2022

USD is knocking on the door at 135.00 after the surprise jump in USD CPI.

How long will it be before the rumours start about the timing of MOF intervention, 140, 145, 150? Maybe not, If the BOJ sticks to it easy monetary policy, in the face of US tightening I can’t think of a reason to buy the JPY.

If we break 135.00 this morning expect further gains to 135.30 and 135.60.

If we get a correction to the downside, you will find buyers at 134.40 and again at 133.90

The EURUSD is finding some buyers this morning at 1.0470/60

However, if this level is broken expect the down trend to resume, to test 1.0420 & possibly the lows of 1.0360 in extension.

Resistance is found first at 1.0550 and then 1.0600. As far as I can see only above 1.0640 will the current bearish outlook for the EURUSD improve.

Profit taking on short positions at 1.2260 this morning is holding up the dollars advance.

The outlook for the GBP remains bearish as a combination of a weak UK economy, and US interest rate rises look likely to limit the Pounds upside.

Resistance is found first at 1.2340 and then again at 1.2380

Support is at 1.2260 which if broken will open up a drop to 1.2210 and possibly 1.2180.

To trade Forex, Crypto 24/7, Metals, and Stocks go to http://www.8dcglobal.com

Published by Neil Callard

Forex Trader and Educator. 30 years trading experience, of which 20 years was market making in major currencies in large international financial institutions.

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