8DC FX

Analysis of USDJPY, EURUSD, GBPUSD.

June 30 2022

Use Point and Figure charts to accurately pin point areas support & resistance.

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USDJPY

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

EURUSD 20 Pip P&F

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.

GBPUSD

GBPUSD 20 Pip P&F Chart

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.

Why Use Point & Figure?

Point & Figure charts are designed to help you see where support & resistance is, and let you know the likely out come of supply and demand. Their simplicity is what makes them easy to understand and use.

contact us at support@8dcglobal.com to learn how to make money with P&F using our charts for free.

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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