Technical Analysis of USDJPY, EURUSD, & GBPUSD
August 1 2022
Long liquidation in early asian trade, broke support at 132.60 and made a low at 132.06.
The Dollar has since made a recovery. If this upside momentum continues you could see further gains to 132.80/133.00, and possibly 133.40 in extension.
However, if the Dollar fails to regain 132.80, renewed downside pressure will emerge and further tests of the low 132’s will follow, with a target of 131.60/40.
The EURUSD Bulls want to test 1.0260/80 again, which if broken would allow for further gains to 1.0320, and possibly the strong resistance at 1.0360.
However, another failure at 1.0280 would bring renewed downside pressure to test support at 1.0160 and possibly 1.0100/1.0080.
Cable is looking to test 1.2200 resistance, which if broken would allow another run up to 1.2240/50 and possibly 1.2280/1.2300.
Failure to break 1.2200, will see the GBP test the downside support first at 1.2130/20 and possibly 1.2080/70 in extension.