8DC FX

Technical Analysis for USDJPY, EURUSD,& GBPUSD

August 3 2022

USDJPY

Yesterdays very strong recovery from the lows below 131.00 has seen the dollar retake the pivotal area of 132.40/60. While this area remains supported, the risk is to the upside. With a target of 134.20 and then strong resistance at 134.60.

However, a break back below 132.60/40 would see renewed selling pressure targeting 131.80 and then 131.00.

EURUSD

EURUSD failed in its upside attempt to break 1.0280/1.0300 resistance. The subsequent selling pressure looks to be targeting the bottom end of the weekly range at 1.0100/1.0080 Support.

Resistance is now found first at 1.0220/40 which if broken would allow another run at the recent highs of 1.0280/1.0300.

GBPUSD

Cable needs to break back above 1.2200/20 to encourage the GBP bulls to attempt 1.2280/1.2300 resistance again.

Failure to get above 1.2220 would see the pressure remain on the downside, with the GBPUSD targeting first 1.2120 and then 1.2060 in extension.

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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