8DC FX

Technical Analysis for USDJPY, EURUSD and GBPUSD

August 8 2022

USDJPY

Daily Resistance is at 135.60/70 . Initial support is going to be found first at 134.80 and then strong support at the pivot of 134.40.

While above 134.40, the upside remains the focus. If the dollar breaks 135.70 expect further gains to 136.20/30.

Below 134.40 would allow for further losses to 133.80.

EURUSD

EURUSD remains within its 1.0080/1.0280 range. However, the downside could come under renewed pressure following Fridays robust NFP.

Initial support is found at 1.0130 which if broken, then expect a drop to 1.0080.

The outlook for the Euro would improve considerable if the single currency can break above resistance at 1.0220. In doing so, lifting the immediate downside threat, and then looking to test 1.0260.

GBPUSD

USD strength on Friday broke support at 1.2100 and tested 1.2020.

However, the GBP has recovered well from its lows, for this upside momentum to continue the Pound needs to break back above 1.2100 resistance, and then head towards 1.2160.

A failure to break above 1.2100 would see renewed downside pressure to test 1.2020/.00 and possibly 1.1970 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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