Analysis of USDJPY, EURUSD, GBPUSD.
June 30 2022
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The Chart tells us that while USDJPY holds above 136.20 the buyers control the market and we could see more attempts at 137.00 and beyond.
However, a break of 136.20 would see some selling pressure emerge, followed by a test of 135.80 support or possibly 135.40 in extension.
EURUSD has had multiple failures at 1.0600. On 3 occasions after failing to break up, the EUR had bottomed out somewhere around 1.0460/80.
However, yesterday was a little different, we saw a lower low. This implies we may have more room to go on the downside.
The immediate target would be support at 1.0400/1.0380. A break of 1.0380 would see a test of 1.0340.
At this moment it looks a little grim for the single currency, with first strong resistance at 1.0500/20. In my view the outlook will only improve if the EURUSD can rally over 1.0540, and then take out the strong resistance at 1.0600.
Much like the the EUR, the GBP had a bad day yesterday. Taking out support at 1.2180 encouraging the GBP bears to attempt 1.2100, which if Broken would see renewed selling pressure to test first 1.2040 support and possibly 1.1980.
To relieve the downside pressure, the Pound needs to retake 1.2180 and push on to the next resistance at 1.2240.
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