8DC FX

USDJPY, GBPUSD, EURUSD Technical Analysis

June 21 2022

The dollar continues to consolidate in a 134.50/135.50 range.

While the dollar remains well supported key resistance at 135.50/60 continues to limit the upside, a break here would encourage the dollar bulls to rally towards 136.00/20.

However, if there is a loss of upside momentum and a break of 134.80 support, you could see some pressure to the downside to test 134.50, and possibly 134.30 in extension.

Cable (GBPUSD) has tested resistance at 1.2280/90 this morning in Asian trade, but not broken. A clear break here would see the GBP advance to 1.2320 and possibly 1.2350.

Failure to break the upside would see the GBP drop towards support at 1.2220 and possibly 1.2180 in extension.

Resistance for the EURUSD is at 1.0540/50. Although this level has held firm, the downside seems pretty well supported at 1.0490/80.

A break of resistance, at 1.0550 would open up a run to 1.0580 and 1.0600/10 resistance.

However, failure at 1.0550 resistance, will lead to a downside test of 1.0490 support. Which if broken would see a drop back to 1.0440

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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