Technical Analysis for USDJPY, EURUSD,& GBPUSD
August 3 2022
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 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.
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.